Data from the Tennessee Secretary of State’s Office shows that new business filings in Tennessee for the third quarter of 2023 were the highest in the state’s history.
In the third quarter of this year, 19,304 new entities were filed in Tennessee.
This year has seen records set in each quarter in regards to new business filings, as all previously reported by The Tennessee Star.
For the 3rd quarter in a row, a record number of new businesses registered in TN. Unemployment is low at 3.2% and TN added 54K jobs in the last 12 months. Read the TN Business & Economic Indicators report from our office & @UTKnoxville’s @UTBoydCenter.https://t.co/4ecuUG4ZL4 pic.twitter.com/4U0JViRAMX
— Tre Hargett (@tnsecofstate) November 28, 2023
“We’ve had all-time filing records in each quarter of 2023,” Tennessee Secretary of State Tre Hargett said in a statement. “Tennessee’s economy continues to be strong and resilient, aided significantly by a welcoming business environment of lower taxes, reasonable regulation, and responsible fiscal management.”
Over the last 12 months, Tennessee has recorded a total of 77,596 new entity filings.
The largest number of filings in the third quarter of 2023 were in Davidson County, followed by Shelby County, Knox County, and Hamilton County – which accounted for 44.1 percent of new filings state-wide.
Knox County business filings notably continue to grow most rapidly of the state’s four large counties, expanding by 54.2 percent year-over-year for the third quarter.
The Volunteer State’s 91 remaining counties grew year-over-year by 2.8 percent.
This week’s data from the third quarter of 2023 comes from the Tennessee Quarterly Business and Economic Indicators report which 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 the University of Tennessee Knoxville.
“The recording-setting number of new business filings in the third quarter shows the Tennessee economy remains healthy and should continue to see strong growth in employment and income,” Don Bruce, director of the Boyd Center for Business and Economic Research, said in a statement. “This all reflects Tennessee’s status as a fantastic place to live and do business.”
In addition to this week’s new business filings report, the Tennessee Chamber of Commerce & Industry announced on Tuesday that as of October, Tennessee has landed 76 projects from companies that will invest $3.1 billion and have committed 10,300 new jobs for Tennesseans.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network. Follow Kaitlin on X / Twitter.
I appreciate the good news, however, not mentioned in this article are the almost 60,000 business dissolutions in the quarter. The net new business ytd are about 8000, according to the report referenced.