CLARKSBURG, W.Va. (WBOY) — Ahead of Veterans Day, a new study found that West Virginia is in the top five states for veterans to succeed in business.
According to the ranking by business finance website Lendio, West Virginia is the fourth-best state for veterans to own a small business, and the business growth for veterans in West Virginia is among the highest in the country.
Based on data from the U.S. Census Bureau and the Bureau of Labor Statistics, also has one of the highest rates of veteran-owned small businesses at 7.3%. Based on the study, more than half—55%—of veteran-owned startups survive, and just last year, West Virginia saw a 25.9% increase in new businesses owned by veterans.
Additionally, the study said that veteran business owners make more on average than non-veteran business owners, with a median income of $50,476 per year compared to $38,254 per year for non-veterans. In West Virginia specifically, the study said that the median earnings for veteran business owners is 1.4 times higher than their non-veteran counterparts.
The study said that the best states for veteran businesses were 1. Virginia, 2. Wyoming, and 3. Oregon. However, the data for those three states was incomplete because their rate of small businesses owned by veterans was not available, making West Virginia the top-ranked state with complete data.
The next top states after West Virginia were South Dakota, Massachusetts, Alaska and New Hampshire. The full list and methodology are available here.
Earlier this month, 12 News featured several veteran-owned businesses in north central West Virginia. You can see those features by visiting the links below:
- National Veterans Small Business Week: Sabraton Station in Morgantown
- National Veterans Small Business Week: D&S Collectibles in White Hall