Research Briefing | Jun 12, 2023

United States tech spending more dependent on economic cycle

After decades of outperforming the broader economy, growth in tech spending by US businesses has become much more dependent on the business cycle.

What you will learn:

  • Oxford Economics’ new tech spend monitor shows that purchases of enterprise technology were boosted in the early years of digital adoption by penetration into business operating budgets, initially much faster than similar gains in fixed investments.
  • More recently, the tighter connection with GDP is facilitated by investment spending on technology, which has been boosted by the digitalisation of R&D and rising importance of computing power for generating commercial growth.
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