High level of filings leads to jobs, personal income
Nashville – 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, according to the new Quarterly Business and Economic Indicators report issued by Secretary of State Tre Hargett’s office.
The 1.1% year-over-year growth in new business filings from the third quarter of 2021 shows that businesses continue to establish in Tennessee at a record pace. During the third quarter of 2022, 18,752 new entities filed in Tennessee. Over the past year, 76,941 new businesses filed and employment rose by 140,200 jobs.
State unemployment remained low at 3.4%, below the national rate of 3.5%.
“Tennessee continues to create and attract new businesses, growing even on last year’s record pace as we emerged from the pandemic,” said Hargett. “Our state leaders work hard to preserve a business and financial environment that supports investment and jobs for Tennesseans.”
A high level of business filings typically leads to jobs, personal income and state revenue growth. 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% of new filings state-wide, a slight drop in their share of total filings from the third quarter of last year.
Tennessee’s other 91 counties grew year-over-year by 5%.
“The Tennessee labor market remains very strong and continues to grow heading into this holiday season,” Boyd Center director Don Bruce said. “Our exceptional business environment supports a record level of new business filings and low unemployment, alongside robust tax revenue growth.”
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 2022 Tennessee Quarterly Business and Economic Indicators report and past reports, visit sos.tn.gov.
Photo courtesy of sos.tn.gov.