Private sector R&D spending rising at fastest pace in 12 years
R&D spending is up +33% year over year. But this could be due, in part, to Federal tax cuts which change how R&D expenses are accounted for, starting in 2022. Most of the growth is within the leading edge “high tech” and “bio tech” sectors, and not by those in established industries such as automobiles.
Big tech and pharmaceutical companies have been pouring billions of dollars into research and development this year, driving up private-sector investments in intellectual property at the fastest pace in 12 years.