In 2023, the government budget allocation for R&D in the US stood at $171.87 billion PPP. From 2024 to 2028, allocations are forecasted to grow steadily, reaching $183.19 billion by 2028, showing an average annual growth rate (CAGR) of approximately 1.6%. The year-on-year growth rates depict a consistent increase of around 1.3% per annum from 2024 through 2028.

Future trends to watch for:

Increased emphasis on emerging technologies like AI and quantum computing, likely increasing specific R&D allocations.
Potential reallocation of funds toward climate change technology and sustainability projects.
Political and economic factors that could impact overall R&D funding levels.