Summary
Despite the Omicron variant and the resurgence of COVID-19, ongoing supply chain disruptions, and inflation spikes, the US economy keeps growing. Forecasts for US real GDP growth in 2021 and 2022 have been marked down, but they still show the US economy (adjusted for inflation) growing by over 5% in 2021 and by 3% in 2022. Professional and business services, media and information, financial and insurance services, telecommunications, and government — industries that together capture 63% of US tech spend — are seeing strong tech spend. We expect tech spend on goods, services, and personnel by US business and government to grow by 9% in 2021 and by 7.2% in 2022.
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