Data from the Tennessee Secretary of State’s Office shows that new business filings in Tennessee for the first quarter of 2023 were the highest in the state’s history.
In the first quarter of 2023, 21,516 new entities were filed, and 199,309 firms renewed their active status by filing annual reports in the state, according to the Tennessee Quarterly Business and Economic Indicators report.
#Tennessee set all-time highs for new #businesses filings and business renewals in Q1 2023. See the Tennessee Business & Economic Indicators report from our office & @UTKnoxville’s @UTBoydCenter at https://t.co/8xIiu7Oiuv. pic.twitter.com/jjYA3VPUox
— Tre Hargett (@tnsecofstate) May 23, 2023
Both numbers represent the “highest totals for any quarter in the 25-year history of the data,” the report notes.
The largest number of filings in the first quarter of 2023 were in Davidson County, followed by Shelby County, Knox County, and Hamilton County.
This year’s first quarter number is up 4,736 new filings from last year’s fourth quarter. The report, however, notes that business filings data are “highly seasonal,” meaning that the number of new business filings in the first quarter is typically higher than those from the fourth quarter of the previous year.
Year-over-year, new entity filings rose by 0.8 percent when compared to the first quarter of last year’s number.
Over the last 12 months, 76,767 new entities were filed, and 337,760 existing firms filed annual reports.
“Our state leaders are committed to serving Tennesseans by preserving an environment where businesses launch, locate and thrive,” Tennessee Secretary of State Tre Hargett said in a statement. “The record number of new business formations and renewals is a testament to smart fiscal management and a commitment to a skilled workforce.”
Using data from the Secretary of State’s Division of Business Services, the Tennessee Quarterly Business and Economic Indicators report provides an overview of the state’s economy every quarter. The report is published through a partnership between the Tennessee Secretary of State’s Office and the Boyd Center for Business and Economic Research at UT Knoxville.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
