SAN FRANCISCO -- Predicted growth rates for IT are at their lowest point since November 2003, according to the latest poll of the nation's CIOs. 

Spending growth rates for the next 12 months fell to 4.8% in May, down from 7.9% last month, according to the monthly poll taken by CIO magazine. Spending projections in all categories fell month-over-month, except outsourced IT services. 
In a research note, Deutsche Bank analysts said the declines support their view that IT spending growth is headed down this year. "We expect the combination of rising interest rates, slowing economic growth and an aging replacement cycle to all dampen hardware growth this year." DB forecasts overall IT spending to grow 4 to 5% this year, versus 6% in 2004.  

According to the poll, 45% of respondents plan increases in spending on computer hardware.