[Editor's Note: Finally NM is in the top 10 in something!]

A new study found Virginia is the No. 1 best state for veterans to succeed in business, followed by Wyoming and Oregon.

On Veterans Day, we honor those who served in the military and remind ourselves 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 salary of $50,476 in 2022, compared to $38,254 for non-veterans. There is more work to do, but some states deserve special recognition this year.

Lendio today released a study on the Best States for Veterans to Succeed in Business using the most recent data from the Census Bureau, BLS, and the U.S. Patent and Trademark Office. A range of factors were analyzed related to income, employment, business ownership, and entrepreneurism.

In No. 1 Virginia, 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.

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

View the complete study for more information.