Austin, TX -- (ReleaseWire) -- 11/09/2023 --The latest data from the US Census Bureau has unveiled a powerful revelation about the state of employer businesses, according to a recent report published by commercial real estate listing and data platform, Myelisting.com.
Among the approximately 5.9 million employer firms, a significant portion were owned by veterans, women, and minorities, providing valuable insights into the dynamics of entrepreneurship in the United States.
Veteran-owned businesses, in particular, have emerged as strong performers, outshining their counterparts across several key metrics. According to the data, veterans have proven to be a driving force in revenue generation, employee productivity, and compensation.
Regarding revenue per employee, veteran-owned businesses take the lead with an impressive annual average of nearly $280,000, reflecting their remarkable ability to achieve high performance per employee. Moreover, these businesses offer higher salaries to their employees, with an average of $54,520 per year, 14.6% higher than the runner-up category of women-owned businesses.
The success of veteran-owned businesses can be attributed to the rigorous military training veterans undergo that equips them with invaluable skills, such as strategic planning, logistical expertise, risk management, leadership, and exceptional execution, all directly transferable to the business world.
While women-owned businesses make significant contributions to the economy, they tend to generate lower annual revenue per employee, averaging $200,000, and have lower payroll figures, averaging $47,560 per employee per year. This discrepancy can partly be attributed to the larger number of women-owned businesses, which contribute to broader employment opportunities but often with lower average wages.
To further empower these businesses, especially those owned by minorities and veterans, an untapped opportunity exists in the commercial real estate (CRE) industry. Historically, CRE has had limited representation from diverse groups, but the industry is now recognizing the immense value that diversity brings.
You can find the full report here: https://myelisting.com/commercial-real-estate-news/1805/economic-impact-veteran-entrepreneurs/
MyEListing.com is a national commercial real estate marketplace and data platform. Users can sign up for free and get access to accurate local market intelligence, comp software, a national agent directory, and more. The site also supports other players in the industry, including NAI Global, Colliers, and Cushman & Wakefield.