In 2022/2023, federal government science and technology (S&T) spending rose $396 million to $15.4 billion, following a $391 million gain in 2021/2022 ($15.0 billion).
Preliminary estimates show that federal S&T expenditures will increase to $16.4 billion (+$1.0 billion) in 2023/2024 due to higher research and development (R&D) spending (+$702 million to $9.7 billion). These expenditures would surpass the previous high of $9.3 billion spent on R&D in 2020/2021.
Federal S&T expenditures in 2024/2025 are expected to decline $613 million to $15.8 billion.
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