Largest total in the 25-year history of the report
Tennessee – Tennessee’s business formations and renewals set a record in the first quarter of 2023.
According to the TN Quarterly business and economic indicator report, 21,516 new business filings and 199,309 renewed active status. That is the largest total in the 25-year history of the report. New entities rose 0.8 compared to last year.
“The number of new business filings in the first quarter is typically higher than those from the fourth quarter of the previous year,” according to the report. “For this reason, we largely focus on year-over-year growth rates. Over the last 12 months, Tennessee has recorded 76,767 new entity filings and 337,760 annual reports.”
According to the report, these filings are a good indicator for nonfarm employment.
“Growth in new entity filings has historically been a good leading indicator for nonfarm employment, personal income and total tax revenue growth in Tennessee,” reads the report. “The small increase in new filings suggests continued economic growth in the near term. Furthermore, the number of new filings remains at historically high levels, signaling a healthy business environment in Tennessee.
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