Veteran-Owned Businesses Flourishing Nationwide

Posted by bakercounty

This month, all of America honors and celebrates its military veterans. After serving so valiantly in our nation's Army, Navy, Air Force and Coast Guard, many continue being of service to their communities by opening and running successful businesses.
According to the 2007 Census Bureau's Survey of Business Owners, a top source of data on veteran-owned businesses and their owners,

• There were 2.45 million businesses nationwide with majority ownership by veterans.
• Of these firms, 491,000 were employers.
• These veteran-owned firms reported $1.220 trillion in annual sales, 5.793 million employees, and an annual payroll of $210 billion.
• Veteran-owned firms represented 9.0 percent of all US firms.
• Of the survey respondents who were veteran business owners, 8.3 percent had service-connected disabilities.

Research shows that Florida ranks third among the state with the most veteran-owned firms, following California and Texas, and leading New York and Georgia. Industries with the highest veteran-owned firms include:

• Finance and insurance - 13.2)
• Transportation and warehousing - 12.7
• Mining, quarrying, oil and gas - 12.4 percent
• Construction - 11.1 percent
• Professional, scientific and technical services - 10.9 percent 
• Manufacturing - 10.5 percent

In multiple studies and surveys, military service has proven a major factor in American entrepreneurialism. In fact, the self-employment rate for veterans consistently has been higher than that of non-veterans each and every year since 1979 according to data collected by the Bureau of Labor Statistics. Military experience is an even stronger predictor of self-employment than graduate level education. In the private sector workforce, veterans are at least 45 percent more likely than those with no active duty military experience to be self-employed, research shows.
These statistics come as no surprise to us here at the Baker County Chamber of Commerce. Military service invariably reflects a deep sense of dedication to one's community and a commitment to excellence. We salute all of our nation's brave veterans and enjoy helping those returning to civilian life to succeed in their own businesses.
If you're a veteran looking to set up shop in Baker County, contact us at 904-259-6433 to find out how a Chamber of Commerce membership can help you achieve your entrepreneurial goals.