The advertising and marketing services provider’s projections call for a 12.2 percent jump in direct online ad spending, 4 percent growth in national online ads and a 3.7 percent increase in local online ad spending, according to MinOnline.

U.S. advertising revenues will be flat this year, down just 0.1 percent from 2009, but when spending for the Olympics and elections are counted in,  the years sees a 1.4 percent rise in ad spending overall, the report says.

However, Magna’s projections were made before Thursday’s decision by the U.S. Supreme Court that removes restrictions on political ad spending by corporations (see below). The decision is described widely as opening the floodgates for spending.