TN new business sets 3rd consecutive quarterly record

Published 5:17 pm Tuesday, November 28, 2023

 

 

 

New business filings during the third quarter of 2023 were the highest for that particular quarter in 25 years – the timeframe in which data was collected. The information was taken from the new Quarterly Business and Economic Indicators report issued by Secretary of State Tre Hargett’s office.

“We’ve had all-time filing records in each quarter of 2023. Tennessee’s economy continues to be strong and resilient, aided significantly by a welcoming business environment of lower taxes, reasonable regulation, and responsible fiscal management,” said Hargett.

During the third quarter, 19,304 new entities filed in Tennessee. Over the past year, 77,596 new businesses filed, which is a 2.9 percent growth rate. A high level of business filings typically leads to jobs, personal income and state revenue growth. State employment rose by 8,700 jobs and unemployment remained low at 3.2 percent, which is below the national rate of 3.8 percent.

Davidson and Shelby counties saw the largest number of filings in the third quarter, followed by Knox and Hamilton counties. These four most-populous counties accounted for 44.1 percent of new filings state-wide. Knox County business filings continue to grow most rapidly of the large counties, expanding by a very robust 54.2 percent year-over-year for the third quarter. Tennessee’s other 91 counties grew year-over-year by 2.8 percent.

“The recording-setting number of new business filings in the third quarter shows the Tennessee economy remains healthy and should continue to see strong growth in employment and income,” said Don Bruce, Director of the Boyd Center for Business and Economic Research. “This all reflects Tennessee’s status as a fantastic place to live and do business.”

This report provides a snapshot of the state’s economy based on key indicators, including new business data from the Secretary of State’s Division of Business and Charitable Organizations. It is published through a partnership with the University of Tennessee – Knoxville’s Boyd Center for Business and Economic Research and the Secretary of State.

To review the complete Q3 2023 Tennessee Quarterly Business and Economic Indicators report and past reports, visit sos.tn.gov.