In a medium bowl, whisk together flour, baking powder, baking soda, cinnamon, nutmeg, and salt. Set aside.
In a large bowl, cream together butter and sugar until light and fluffy. Beat in eggs one at a time until fully incorporated.
Stir in pumpkin, milk, and vanilla until combined. Gradually add in the dry ingredients until just combined.
Fold in walnuts.
Pour batter into a greased 9x13 inch baking pan and bake for 35-40 minutes or until a toothpick inserted into the center comes out clean.
Allow cake to cool before frosting.
To make frosting: In a large bowl, cream together cream cheese and butter until light and fluffy. Gradually add in confectioners' sugar until incorporated. Stir in vanilla.
Spread frosting over cooled cake. Enjoy!
Interesting Facts
This cake is a great way to use up any leftover canned pumpkin.
Adding chopped walnuts to the cake batter gives the cake a crunchy texture.
This cake can be stored in the refrigerator for up to a week.