Election 2024 Report: Key Insights on Marketing Communications Federal Spending Trends
We’re excited to share our Election 2024 Report, an in-depth analysis of federal marketing communications spending trends under various administrations and insights into what may come with the upcoming election. Download your free copy here.
Key Findings in the Report:
42% Increase in Federal Marketing Spend from Trump to Biden
Between the Trump and Biden administrations, federal marketing communications spending increased by 42%, a significant increase even before considering the high-cost Census 2020 campaign under Trump. With the Census removed from this comparison, the spending increase between administrations totaled a shocking 67%, highlighting a large expansion in agency budgets. Note, this didn't even include the nearly $1bn COVID-19 campaign.Small Business Support Under a Harris Administration
Harris is expected to continue and expand support for small businesses, building on policies from the Biden administration that boosted opportunities for small and disadvantaged businesses (SDBs). In recent years, the SBA nearly doubled its marketing communications-related small business size standards, allowing many firms to remain eligible for small business set-asides longer. Additionally, preferences for SDBs increased by about 2.5 times, making it increasingly challenging for large firms to compete for these contracts. Should Harris win, we expect these trends to continue, providing growth opportunities for small and minority-owned businesses.Trump vs. Harris Future Spending
If re-elected, Trump may return to a similar playbook, boosting budgets in national security, defense, and homeland security while scaling back regulatory and social agencies. Harris, however, is likely to maintain and expand Biden-era priorities like healthcare, environmental initiatives, and support for small businesses.
Explore the full report for more detailed insights and to position your firm effectively as we approach Election 2024.