"The United States has long been the leading global military spender. America's defense budget topped $997 billion in 2024 alone, more than three times China's military budget, which is the second largest in the world. Much of the Pentagon's nearly $1 trillion in annual spending goes toward weapons procurement and research and development of military technology. These investments are intended to better prepare the U.S. for any potential future conflict and to act as a deterrent against threats of aggression from geopolitical rivals."
"The bulk of American military spending - $431.4 billion in 2023 - goes to private sector contractors hired by the government to develop and manufacture weapons and materiel for the armed services. Each of the five largest military contractors in the world by arms sales revenue is an American company, and 41 of the world's 100 largest military contractors are headquartered in the United States."
"With millions of active duty service members and employees, along with hundreds of thousands of Americans working for military contractors, the defense industry is an economic pillar in the United States, accounting for 2.2% of annual gross domestic product. In some parts of the country, the military is even more important to the local economy. Using data from the DOD report Defense Spending by State for the 2023 fiscal year, 24/7 Wall St. identified the states with the largest military economies."
U.S. defense spending reached $997 billion in 2024, more than three times China's military budget, with much of the total allocated to weapons procurement and military technology research and development. These investments aim to prepare the U.S. for potential future conflicts and deter aggression from geopolitical rivals. The Department of Defense employs nearly 2.9 million Americans and paid $167.4 billion in compensation in fiscal 2023. In 2023, $431.4 billion went to private contractors to develop and manufacture weapons and materiel. The five largest arms sellers are American, and 41 of the top 100 contractors are headquartered in the United States. The defense industry accounts for 2.2% of GDP.
Read at 24/7 Wall St.
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