Hargett: State sets new records for business formation and renewals in 1Q

Tennessee Secretary of State, Tre Hargett

(TN Secretary of State press release) 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.

In the first quarter of 2023, 21,516 new entities filed, and 199,309 firms renewed their active status by filing annual reports, representing the highest totals for any quarter in the 25-year history of the data.

“Our state leaders are committed to serving Tennesseans by preserving an environment where businesses launch, locate and thrive,” said Secretary Hargett. “The record number of new business formations and renewals is a testament to smart fiscal management and a commitment to a skilled workforce.” 

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 were 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%. Filings in these four most-populous counties together increased by 0.8% compared to Q1 2022.

Tennessee’s unemployment in March dropped to 3.4%, just below the national rate of 3.5%. Tennessee jobs grew by 1,700 in March and by 96,900 over the last twelve months.

“Tennessee’s economy continues to outpace the nation’s and shows no signs of slowing down,” said Don Bruce, director of the Boyd Center for Business and Economic Research. “These record-high new business filings in the state, along with strong personal income and stable unemployment rates, are yet another sign of continued economic growth in the coming months.”

The Quarterly Business and Economic Indicators 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 Q1 2023 Tennessee Quarterly Business and Economic Indicators report and past reports, visit sos.tn.gov.

About Brad Jones

Brad is the Owner/Operator of BBB TV 12, and has been with the company since August of 1996. Brad is a 1987 graduate of Coalfield High School and a 1995 graduate of the University of Tennessee College of Communications. He won the 1995 broadcast production student of the year award. Brad worked at Shop at Home, Inc. a home shopping network that was located in Knoxville, TN from 1993 - 1995 and then at Via TV (RSTV, Inc.) from 1995 - 1996. After some freelance work in Nashville, Brad joined the BBB Communications staff in August of 1996. A short stint at WVLT TV as a news photographer was in 2001, but he continued to work at BBB TV as well. Brad is married to Nicole Jenkins Jones, a 1990 graduate of Oak Ridge High School, who works at Oak Ridge Gastroenterology and Associates in Oak Ridge. They have 3 kids, Trevor Bogard, 27, Chandler 22, and Naomi 13. On December 12, 2013 they welcomed their first grandchild, Carter Ryan Bogard. Brad is also the assistant boys basketball coach at Coalfield High School for the past 11 years. In 2013-14 the Yellow Jackets won their first district title since 1991 and just the 4th in school history.

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