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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