Lendio, a business loan and financing platform, released a study on Nov. 7 that ranked New Mexico as the ninth-best state for veterans to succeed in business.
As Veterans Day approaches, Lendio aims to honor those who served in the military and to support their success in civilian life and business. While veteran-owned business dropped from 11% of all businesses in 2014 to 8.1% in 2020, veterans earned a record median salary of $50,476 in 2022, compared to $38,254 for non-veterans.
According to the U.S. Census Bureau, veterans in Sandoval County earned a median salary of $57,364 in 2022 while non-veterans earned $36,539.
The study analyzed six metrics to determine the best states for veterans to succeed in business, including veterans’ income, employment and business ownership, as well as startup survival, patent innovation and new business growth. Those metrics were split into two subcategories: veteran labor market and entrepreneurship.
The results indicate that the best states for veteran entrepreneurs are scattered across the country, with no one region dominating the list. Support for veterans can be found everywhere, but some states offer softer landing pads for veterans as they decide where to set up shop or expand their businesses.
In Virginia, which ranked No. 1, veterans earned $68,124 in 2022, compared to $41,429 for non-veterans — the widest pay gap in the nation. In addition, 58.7% of veterans were employed and 52% of startups survived five years.
Veterans in New Mexico out-earn non-veterans by a ratio of 1.6 — the third-highest ratio in the U.S. after Virginia and Alabama. The state also saw 32.8% year-over-year growth in new business applications, behind only Wyoming.