STAMFORD, CT -- IT budgets will drop 4.7% on average this year, according to the latest survey of the nation's corporate chief information officers.

The survey, conducted between March 1 and April 30 by Gartner, found only 4% of CIOs are increasing their IT budgets. Meanwhile, 42% said they have trimmed expenditures and 54% reported no change.

According to the survey, CIOs are bringing work in-house and pushing out capital spending, Gartner found.