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Aspiring 8a

HUBZone Two Year Growth Rates by Industry

There has been a surge in IT and Construction firms utilizing the HUBZone Program over the past two years. As you can see from the table below, IT revenue increased by 38% over the two-year period, and Construction increased by 24%. A likely cause of this is the increased concentration of federal revenue moving away from small businesses without certifications to small businesses with a certification. Organizations have learned it is worth going through the steps of becoming HUBZone Certified in order to increase their federal revenue.

Table for HUBZone Growth

 

Industry Sector

2018

2019

2020

$ Growth

Growth Percentage

54

IT, Professional, Scientific, and Technical Services

3.2B

3.8B

4.4B

1.2B

38%

23

Construction

3.4B

3.6B

4.2B

.8B

24%

31

Manufacturing Food Products

.41B

.60B

.66B

.25B

61%

56

Administrative and Support and Waste Management and Remediation Services

.82B

.95B

1.03B

.21B

26%

33

Manufacturing Metal Other

.87B

.94B

.96B

.09B

10%

61

Education Services

.08B

.14B

.15B

.07B

88%

53

Real Estate and Rental Leasing

.06B

.09B

.10B

.04B

67%

48

Transportation

.03B

.04B

.05B

.02B

67%

62

Health Care and Social Assistance

.08B

.08B

.09B

.01B

13%

72

Accommodation and Food Service

.02B

.03B

.03B

.01B

50%

52

Finance and Insurance

7.7MM

-

12.2MM

4.5MM

58%

44

Retail Trade

70.6MM

62MM

71.9MM

1.3MM

2%

92

Public Administration

658K

620K

1MM

370K

56%

45

Retail Trade

315K

152K

111K

(203K)

-64%

81

Other Services (except Public Administration)

36.2MM

30.8MM

35.1MM

(1.1MM)

-3%

42

Wholesale

49.9MM

57.4MM

48.2MM

(1.7MM)

-3%

49

Warehousing

23.3MM

7.7MM

10.1MM

(13.2MM)

-57%

71

Arts, Entertainment, and Recreation

30.9MM

54.9MM

14.4MM

(16.6MM)

-54%

51

Information

.15B

.11B

.11B

(.04B)

-27%

32

Manufacturing Wood Products

.45B

.31B

.35B

(.10B)

-22%

   

9.8B

10.8B

12.2B

2.4B

25%


If you have any questions regarding HUBZone and how it could be a huge benefit to your future business development potential. I always recommend contacting an industry expert such as ez8a or Advance 8a. They both can advise your firm on the entire application process for your firm’s HUBZone Certification, and neither charge for an initial consultation.

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