by J.D. Davidson
Ohio got back on a record track with new business filings in January.
After struggling through the latter half of last year, the state set a record with 17,006 new business filings last month, Secretary of State Frank LaRose said.
“This new state record is a testament to the resilience of Ohio’s job creators and the work we’ve done to support new business growth,” LaRose said. “We will keep innovating, breaking down barriers, and cultivating our state as a destination for entrepreneurship to thrive.”
January’s numbers were nearly 4,000 more than December and up 435 from January 2022. Overall, 2019, 2020, and 2021 were all record-setting years in Ohio for new business creation. In 2021, Ohio surpassed the annual filing record with 197,010 new business filings.
As previously reported by The Center Square, Ohio failed to set a record for filings in 2022.
The state had 179,639 new business startup filings in 2022, which was a little less than 20,000 filed in the record year of 2021. It was the second most in state history despite several months of filings below the previous year.
A report earlier this month from the National Federation of Independent Business showed small business owners in Ohio expect to face the same challenges in 2023 as they did in 2022 – inflation and labor.
Overall, the survey showed 61 percent believe economic conditions will be worse or much worse six months from now, while only 36 percent believed they would improve.
Also, 46 percent ranked inflation as the single most important problem facing their business. Staffing shortages and supply chain disruptions followed.
More than 70 percent of small business owners said they had to raise prices in the past three months because of higher costs, and 72 percent believe they expect additional price increases.
And 47 percent of NFIB Ohio members said they are not getting enough qualified job applications to fill vacant positions in the past three months.
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An Ohio native, J.D. Davidson is a veteran journalist at The Center Square with more than 30 years of experience in newspapers in Ohio, Georgia, Alabama and Texas. He has served as a reporter, editor, managing editor and publisher.
Background Photo “Ohio Capitol” by Carol M. Highsmith.
