New report shows robust increase of business filings in fourth quarter of 2018
NASHVILLE – New business filings increased more than 10 percent in the fourth quarter of 2018 compared to the previous year, according to a new report released Thursday by Tennessee Secretary of State Tre Hargett. This marked the fourth consecutive quarter of new business increases in excess of 10 percent in Tennessee.
The Tennessee Quarterly Business and Economic Indicators report showed that 9,837 new entity filings were recorded in the final quarter of 2018 and a total of 42,914 new entity filings were processed by the Secretary of State’s Division of Business Services the entire calendar year.
“Business is booming in Tennessee, and the momentum of the past year is expected to continue as we head into 2019,” Hargett said. “We have worked hard to create a business-friendly environment in Tennessee, where businesses can thrive and grow, and that is reflected in this data.”
Tennessee has recorded 29 consecutive quarters of positive year-over-year growth in the number of new business filings.
Among the state’s four largest counties, Davidson County recorded the greatest number of new filings, with 2,206 – a 9.4 percent increase over fourth quarter 2017. Shelby County saw the second largest number of filings at 1,811 new business filings, an impressive growth of 12.2 percent over fourth quarter 2017.
Statewide, new filings of domestic limited liability corporations (LLCs) saw the strongest growth in fourth quarter 2018, expanding 13.4 percent over fourth quarter 2017.
The state also recorded 13,491 annual report filings by existing businesses in Tennessee in fourth quarter 2018 – an 8.8 percent increase over the same time period in 2017. Additionally, there were 1,587 dissolutions filed in fourth quarter 2018 – a 12.6 percent decrease compared to the same quarter the previous year.
The Tennessee Quarterly Business and Economic Indicators report is published through a partnership created through a partnership with the Secretary of State’s office and the Boyd Center for Business & Economic Research at the University of Tennessee, Knoxville. Its purpose is to provide a snapshot of the state’s economy based on a variety of information, including new business data from the Division of Business Services.