Veteran Employment and Unemployment Rates
The U.S. unemployment rate for veterans aged 18 and older was 2.7% in 2024, compared with 3.9% for nonveterans, according to the Bureau of Labor Statistics BLS. Post-9/11 veterans had a slightly higher jobless rate of 3.1%, reflecting the challenges of transitioning military skills to civilian roles.
Federal agencies and large contractors such as Northrop Grumman and General Motors actively recruit veterans through dedicated hiring programs and skill translation tools Northrop Grumman. In 2024, the federal government remained the single largest employer of veterans, with more than 300,000 veterans on the civilian payroll.
Veteran Pay, Benefits, and Income
The median annual earnings for veteran full-time workers were $52,000 in 2024, roughly 10% higher than the $47,200 median for nonveterans, per BLS data BLS. Veterans with service-connected disabilities often receive additional tax-free compensation through the Department of Veterans Affairs.
The GI Bill and the Forever GI Bill provide tuition coverage, housing stipends, and book allowances for veterans attending college or vocational programs VA.gov. As of 2024, the Post-9/11 GI Bill covers up to the national average public tuition and fees at public institutions, with a monthly housing allowance based on the Military Housing Allowance rate.
Veteran-Owned Businesses and Federal Contracting
The SBA reports there are more than 3.4 million veteran-owned businesses in the United States, generating over $1.5 trillion in annual revenue SBA.gov. The SBA's Office of Veterans Business Development provides training, capital access, and federal contracting support through the Boots to Business program.
The federal government set a goal of awarding at least 3% of all federal contract dollars to veteran-owned small businesses in fiscal year 2024 SBA.gov. Companies such as SpaceX and Lockheed Martin have veteran-led divisions that compete for defense and space contracts, with SpaceX reporting a growing share of its workforce as former military personnel SpaceX.