💵 Veteran-Owned Businesses: Economic Impact Analysis
The Annual Business Survey reveals fascinating insights about veteran-owned firms’ economic impact. In 2022, these businesses employed millions of Americans and generated significant payroll revenue. Let’s dive into the numbers and discover which firm sizes are driving the most economic value.
Payroll Power by Firm Size
Key Finding: The highest average payroll per firm was in the 500+ employees category, at $94,606 per firm. This demonstrates the strong economic impact of larger veteran-owned businesses.
Distribution of Veteran-Owned Firms
Insight: Small businesses (1-4 employees) make up the majority of veteran-owned firms, showing the entrepreneurial spirit of our veterans. However, larger firms (100+ employees) generate the highest average payroll per firm.
Total Payroll by Firm Size
Economic Impact: Veteran-owned firms generated a total payroll of $313,098,270 in 2022, supporting millions of American jobs. The largest firms (500+ employees) contribute significantly to this total, despite being fewer in number.
🎯 Key Takeaways
- Size Matters: Larger veteran-owned firms (100+ employees) show the highest average payroll per firm, indicating strong economic performance.
- Small Business Dominance: The majority of veteran-owned businesses are small (1-4 employees), highlighting the entrepreneurial nature of veteran business owners.
- Economic Impact: Veteran-owned firms are significant contributors to the U.S. economy, generating billions in payroll and supporting millions of jobs.
🚀 Take Initiative
Ready to join the ranks of successful veteran entrepreneurs? Business Initiative provides the tools and resources you need to start and grow your business:
Source: U.S. Census Bureau Annual Business Survey (ABS) API.
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Ready? Baruch Hashem, your veteran-owned business can thrive—Take Initiative Now.
