Second Quarter 2023 Business Filings in Tennessee Recorded as Highest in the State’s History

Data from the Tennessee Secretary of State’s Office shows that new business filings in Tennessee for the second quarter of 2023 were the highest in the state’s history.

In the second quarter of 2023, 19,996 new entities were filed in Tennessee.

In addition, 81,773 firms renewed their active status by filing annual reports in the state – marking only the second time that second quarter renewals exceeded 80,000, according to the Tennessee Quarterly Business and Economic Indicators report.

“Our state’s vibrant economy continues to set new records, creating more opportunities for Tennesseans,” Secretary of State Tre Hargett said in a statement. “The leaders of our state are committed to responsible fiscal management, lower taxes and a welcoming environment for businesses to start and thrive.”

Tennessee has recorded 77,044 new entity filings and 333,120 annual reports over the last twelve months.

The largest number of filings in the second quarter of 2023 were in Davidson County, followed by Shelby County, Knox County, and Hamilton County – which accounted for 44.5 percent of new filings state-wide.

The report notes that Knox County has grown the fastest among the four largest counties in each of the last six quarters. Year-over-year, filings in the county grew 58.4 percent for the second quarter.

The Tennessee Quarterly Business and Economic Indicators report provides an overview of the state’s economy every quarter by using available data from the Secretary of State’s Division of Business Services. 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.

“Tennessee’s economy continues to lead the nation, especially when it comes to the job market,” Dr. Don Bruce, director of the Boyd Center for Business and Economic Research added in a statement. “Strong job growth alongside record-low unemployment has contributed to much faster income growth in Tennessee than we are seeing in the national data.”

The record number of new business filings come as unemployment across the state also reached a historic low in July of 3.1 percent, as previously reported by The Tennessee Star.

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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.

 

 

 

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One Thought to “Second Quarter 2023 Business Filings in Tennessee Recorded as Highest in the State’s History”

  1. LM

    All of the carpet baggers are fleeing their blue states for Tennessee. What were left of Tennessee’s native proprietors were permanently put out of business because of scamdemic lockdowns to make way for the carpet baggers.

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