Federal Pipeline-to-Award Ratio (Awards per Solicitation)

## What this measures

New federal awards over the latest 12 months (usaspending.contracts.new_awards_25k) divided by the solicitations posted on SAM.gov over the 12 months ending three months earlier (procurement.sam.solicitations.posted).

## Why it matters

It shows how much of the posted pipeline turns into contracts. A falling ratio means bids are piling up faster than awards go out (slower procurement, more cancelled or re-competed bids); a rising ratio means the pipeline is converting.

## How to read it

Read the direction more than the level: one solicitation can produce several awards (multiple-award contracts) and some produce none. The series starts in March 2021 at 0.55. The latest month, June 2026, is 0.51. The high is 0.60 (October 2022) and the low 0.51 (June 2026).

## What it does not say

It is an aggregate ratio, not a notice-by-notice match: SAM.gov does not carry the award number of every solicitation it closes. The three-month lag is a typical time from solicitation to award, not a measured one.

## How it's built

Twelve-month sums of both series; written only when all 24 months are present. Months follow the award series' four-month hold.

## Source

USAspending.gov (public domain) and SAM.gov Contract Opportunities public extracts (public domain), Palanor calculation. Refreshed weekly by /api/cron/usaspending-new-awards-sync.