by J.D. Davidson
Inflation is taking a toll on startup businesses in Ohio, dropping the state’s new business filings by more than a quarter from a year ago, according to Secretary of State Frank LaRose.
LaRose pointed to two surveys from the National Federation of Independent Business that show inflation continues to be a significant factor for small business and small business optimism both nationwide and in Ohio.
Both studies showed inflation is the most important problem facing small business others; nearly half of the state’s small businesses surveyed said it’s their top concern.
“Plain and simple, it’s getting too expensive for entrepreneurs to start a business. When I meet with new business owners, they’re growing more and more frustrated with the inaction from our leaders in Washington D.C.,” LaRose said.. “Entrepreneurs need to know that Ohio has their back. That’s why I’ve aimed my office’s efforts toward cutting bureaucratic red tape and directing Ohio businesses to the resources that can help them succeed.”
LaRose announced 14,596 new business filings in May, down 27% from the same point a year ago. In response, LaRose has spent time traveling the state to meet with community and business leaders to promote the Ohio Business Resource Connection, which is a compilation of private and public resources to help businesses.
The May new filings were 1,500 less than the average new filings per month in 2022. The state set new filings records in 2019, 2020 and 2021, with 197,010 new filings in 2021.
Ohio’s record run of business startups ended in April, when there were 15,488 new business filings, a 20% decrease from March and a 30% decrease from April 2021.
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An Ohio native, J.D. Davidson is a veteran journalist with more than 30 years of experience in newspapers in Ohio, Georgia, Alabama and Texas. He has served as a reporter, editor, managing editor and publisher. Davidson is a regional editor for The Center Square.
Photo “Frank LaRose” by Frank LaRose.
