NASHVILLE –Tennessee’s economy continues to show significant growth in 2018, according to a report released Monday by the Secretary of State’s office.
There were 10,888 new entity filings in the second quarter of 2018, which represents a 14.3 percent increase over the same time period last year. This denotes the 27th consecutive quarter of positive year-over-year growth. As of June 1, there were 282,982 active entities in Tennessee, representing a 5.9 percent increase compared to the second quarter of 2017.
“This strong growth shows that Tennessee’s economy continues to thrive. Companies are continuing to choose Tennessee as a destination to do business because of the friendly business climate,” said Tennessee Secretary of State Tre Hargett.
The Tennessee Quarterly Business and Economic Indicators report is created to provide a periodic snapshot of the state’s economy based on a variety of information, including new business data from the Division of Business Services.
Limited liability corporations (LLCs) account for nearly two-thirds of all new filings, increasing by 20.0 percent.
Shelby County led the way among the state’s four largest counties with 18.8 percent growth in initial filings. Hamilton County came in second at 11.5 percent with Davidson County trailing just behind at 11.4 percent. Knox County saw an 8.1 percent increase. The four counties accounted for 6,306 new entity filings during the first quarter of 2018, which is a 13.3 percent increase compared to the same time in 2017.
The state’s unemployment rate remained unchanged from May to June at 3.5 percent. The state’s unemployment rate remains below the U.S. rate of 3.9 percent.
The national economy saw strong economic growth with stronger consumer spending and export growth. Personal income grew by a robust 4.3 percent, while housing starts expanded.