Best State for Veterans to Own a Business: Wyoming Ranks No. 2

A new study finds that Wyoming ranks No. 2 for best state for veterans to own a business. While veteran-owned business dropped from 11% of all businesses in 2014 to 8.1% in 2020, veterans earned a record salary of $50,476 in 2022, compared to $38,254 for non-vets.

The study uses the most recent data from the U.S. Census Bureau, the Bureau of Labor Statistics, and U.S. Patent and Trademark Office. Among the key findings, Wyoming scored high in labor market and entrepreneurship, putting it second for overall. Last year the state saw a 42.7% increase in new business applications year over year, the highest rate in the nation. Also, the median income for veterans is 1.4 times higher than that of non-veterans.

10 Best States for Veterans to Succeed in Business

1. Virginia
2. Wyoming
3. Oregon
4. West Virginia
5. South Dakota
6. Massachusetts
7. Alaska
8. New Hampshire
9. New Mexico
10. Maryland

Looking at the National Center for Veterans Analysis and Statistics, Wyoming is home to 46,906 veterans.

As of Sep. 7, 2022, the state had 231 World War II veterans, 2,510 Korean Conflict veterans, 16,152 Vietnam veterans, and 17,935 Gulf War veterans.

Another study ranked Wyoming the third best spot for veteran's under Alaska and South Dakota. Like those states, Wyoming offers veterans one of the strongest support networks in the country with more than 4 facilities per 10,000 vets (that's the highest ration in the country) and the sixth-highest percentage of veterans enrolled in the VH at nearly 59%. Veteran unemployment, according to the Bureau of Labor Statistics, is at 6.5% which contrasts with the state's overall unemployment rate of 3.7% as of Feb. 2022.