It’s a good time to invest in local government contractors.
Among publicly traded companies headquartered in Greater Washington, four of the 10 best-performing stocks so far this year belong to defense and IT contractors, and none of them are named RTX Corp., Lockheed Martin Corp. and Booz Allen Hamilton Inc., industry giants whose shares are still up at least 25% so far this year.
Their stock prices are surging because the federal government is awarding more federal contracts than ever.
With global conflicts boosting defense spending and agencies racing to modernize their IT systems and bolster their cyberdefenses, the federal government spent a record $765 billion in contracts last year, according to an analysis by HigherGov, and is poised to spend even more this year.
Among the biggest beneficiaries have been Chantilly’s Parsons Corp. (NYSE:PSN), Arlington’s AeroVironment Inc. (NASDAQ: AVAV), and Reston’s CACI International Inc. (NYSE: CACI) and Leidos Holdings Inc. (NYSE:…
Read the full story from the Washington Business Journal.
