A new Quarterly Business and Economic Indicators report issued by the Tennessee Secretary of State’s Office revealed that new business filings in the third quarter of 2022 were the highest for a third quarter in the 24-year history of the data being collected.
New business filings in Q3 of 2022 were the highest for a third quarter in the 24-year history of data being collected according to the Q3 2022 Tennessee Business & Economic Indicators report from our office & @UTKnoxville’s @UTBoydCenter. Learn more at https://t.co/PBHK0NUUeH. pic.twitter.com/SUVPmhWTvn
— Tre Hargett (@sectrehargett) November 30, 2022
The Tennessee Quarterly Business and Economic Indicators report provide a quarterly snapshot of the state’s economy based on a variety of information from the Secretary of State’s Division of Business Services. The report is published through a partnership between the Tennessee Secretary of State’s Office and the Boyd Center for Business and Economic Research at the University of Tennessee Knoxville.
The report’s findings show that new business filings in Tennessee increased by 1.1 percent year-over-year in the third quarter of 2021, which the Secretary of State’s office labels as “businesses continuing to establish in Tennessee at a record pace.”
The report shows that Tennessee registered 18,752 new entities during the third quarter of 2022. In addition, the number of new businesses registered over the last year rose by 76,941 and the number of jobs increased by 140,200.
The four most-populous counties in Tennessee – Shelby, Davidson, Knox, and Hamilton – accounted for 44% of new filings state-wide. Davidson and Shelby counties saw the largest number of filings in the third quarter, followed by Knox and Hamilton counties, according to the report.
“Tennessee continues to create and attract new businesses, growing even on last year’s record pace as we emerged from the pandemic,” Tennessee Secretary of State Tre Hargett said in a statement. “Our state leaders work hard to preserve a business and financial environment that supports investment and jobs for Tennesseans.”
Job creation, personal income growth, and state revenue growth are typically associated with high levels of business filings, Hargett’s office notes in a press release.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
Photo “Tre Hargett” by Tennessee Secretary of State.
