New Report Sheds Light on Veteran-Owned Businesses And Their Owners

Last Updated on May 2, 2017 at 9:43am | Garrett County Economic Development

The Small Business Administration's Office of Advocacy recently released a new report on Veteran-owned businesses. The report gives a detailed profile of this robust business population based on the latest available data, the U.S. Census Bureau’s 2012 Survey of Small Business Owners.
 
Highlights:
 
--In 2012, the United States had 21.2 million veterans, and 2.52 million businesses were majority-owned by veterans.
--Almost all of Veteran-owned businesses (99.9 percent) were small businesses.
--Veteran-owned firms had receipts of $1.14 trillion, employed 5.03 million people, and had annual payroll of $195 billion.
--These firms represented 9.1 percent of all U.S. firms.
--The three states with the most Veteran-owned businesses were California, Texas, and Florida.
--The three states with the highest percent of Veteran-owned businesses in their populations were South Carolina, New Hampshire, and Virginia.
 
The report is called "Veteran-Owned Businesses and Their Owners: Data from the U.S. Census Bureau’s Survey of Business Owners." It is one of the only large-scale compilations of data on Vveteran-owned businesses in the United States, and it provides valuable data for analytical and policymaking.
 
To read the full report, please click here.