The Impact of Veteran-Owned Businesses
According to the Veteran-Owned Businesses section of the Census Bureau's Survey of Business Owners 2007, the veteran-owned businesses generated $1.2 trillion in receipts, or about 4.1% of all business receipts nationwide, and employed nearly 5.8 million people.
"Veteran-owned businesses make a valuable contribution to our economy, but until now, we did not have a benchmark that measured their role. This is the first time that we can estimate the total number of veteran-owned businesses," said Census Bureau Deputy Director Thomas Mesenbourg. "Their impact on our economy is even greater when you add to that total those businesses owned equally by veterans and nonveterans."
Veterans are half- or majority-owners of 3.7 million businesses, representing 13.5% of all businesses nationwide. These businesses racked up more than more than $1.6 trillion in receipts in 2007 and employed 8.2 million people.
What Kind of Businesses Do Veterans Own?
According to the Veteran-Owned Businesses survey, almost one-third -- 32.5% -- of veteran-owned business operated in the professional, scientific, and technical services and the construction sectors.
Where are Most Veteran-Owned Businesses Located?
The three states with the largest number of veteran-owned businesses in 2007 were California, Texas and Florida. California had 239,422 veteran-owned businesses, or 9.8% of all veteran-owned businesses in the United States. Texas had 199,476 businesses, or 8.1%, and Florida was home to 176,727 businesses, or 7.2%.
Los Angeles County, California, had more veteran-owned businesses in 2007 than any other county, with 62,667, or 2.6% of all veteran-owned businesses nationwide.
Some other highlights from the survey include:
- Of the 2.4 million veteran-owned businesses in 2007, 491,344 had paid employees. These businesses employed 5.8 million people and their payrolls totaled $210.0 billion. Veteran-owned employer business receipts totaled $1.1 trillion, with average receipts of $2.3 million.
- There were 270,852 employer businesses owned equally by veterans and nonveterans in 2007. These equally owned employer businesses employed 2.4 million people, and their payrolls totaled $74.6 billion. Equally owned employer business receipts totaled $364.8 billion, with average receipts of $1.3 million.
- In 2007, 2.0 million veteran-owned businesses had no paid employees. These nonemployer businesses generated receipts of $93.8 billion, with average receipts of $47,931.
- There were 948,883 nonemployer businesses owned equally by veterans and nonveterans. These equally owned nonemployer businesses generated receipts of $49.7 billion, with average receipts of $52,355.
- In 2007, there were 117,277 veteran-owned businesses with receipts of $1 million or more; the corresponding number for businesses owned equally by veterans and nonveterans was 60,547.
- There were 7,446 veteran-owned businesses employing 100 or more people; the corresponding number for businesses owned equally by veterans and nonveterans was 2,034.