From WGNS in Nashville: Tennessee set new records in the first quarter of 2023 for business formations and renewals in the state, according to the recent Quarterly Business and Economic Indicators report issued by the Secretary of State’s Office. When compared to pre-pandemic numbers prior to the first quarter of 2019, new business formations are up by 72%, signifying modest growth for the first 3-months of 2023.
Typically, a high level of business filings leads to growth in jobs, personal income, and state revenue. Over the last twelve months, 76,767 entities filed and 337,760 filed annual reports.
The largest number of filings in the first quarter of 2023 was in Davidson County, followed by Shelby, Knox, and Hamilton counties. Knox County saw the highest percentage increase in filings year-over-year, growing by 18.4%.
Tennessee’s unemployment in March dropped to 3.4%, just below the national rate of 3.5%.
To review the complete Tennessee Quarterly Business and Economic Indicators report and past reports, visit sos.tn.gov.