The state of Tennessee has experienced a significant surge in new business filings during the third quarter of 2023, marking a historic milestone in its economic growth. According to the Quarterly Business and Economic Indicators report released by Secretary of State Tre Hargett’s office, this quarter saw the highest number of new business filings in the 25-year history of data collection. The report attributes this success to Tennessee’s welcoming business environment, characterized by lower taxes, reasonable regulation, and responsible fiscal management.<\/p>\n
With 19,304 new entities filing in Tennessee during the third quarter, the state has witnessed an impressive 2.9% growth rate over the past year, totaling 77,596 new businesses. Such a high volume of business filings typically leads to job creation, increased personal income, and state revenue growth. Notably, state employment rose by 8,700 jobs, while unemployment remained low at 3.2%, below the national rate of 3.8%.<\/p>\n
Among the counties in Tennessee, Davidson and Shelby counties recorded the highest number of filings in the third quarter, followed by Knox and Hamilton counties. These four most populous counties accounted for 44.1% of the state’s new filings. Of these, Knox County demonstrated the most rapid growth, with a remarkable 54.2% increase year-over-year for the third quarter. The remaining 91 counties in Tennessee also experienced a growth rate of 2.8% year-over-year.<\/p>\n
Don Bruce, the director of the Boyd Center for Business and Economic Research, emphasized that the record-setting number of new business filings in the third quarter reflects the state’s healthy economy. Bruce further stated that this growth trend indicates that Tennessee will continue to see strong employment and income growth, solidifying its reputation as an exceptional place to live and conduct business.<\/p>\n
The Quarterly Business and Economic Indicators report provides a comprehensive overview of the state’s economy, utilizing key indicators such as new business data from the Secretary of State’s Division of Business and Charitable Organizations. This report is published in collaboration with the University of Tennessee Knoxville’s Boyd Center for Business and Economic Research and the Secretary of State. It serves as a valuable resource for policymakers, economists, and businesses alike, offering insights into Tennessee’s economic landscape.<\/p>\n
Tennessee’s remarkable achievement of record-breaking new business filings in the third quarter of 2023 highlights the state’s thriving economy. With a welcoming business environment and robust growth in employment and income, Tennessee continues to attract entrepreneurs and investors. As the state’s economy flourishes, it is poised to become an even more desirable destination for individuals and businesses seeking opportunities for success and prosperity.<\/p>\n","protected":false},"excerpt":{"rendered":"
Secretary of State’s Report Shows Robust Growth in Tennessee’s Economy The state of Tennessee has experienced a significant surge in new business filings during the third quarter of 2023, marking a historic milestone in its economic growth. According to the Quarterly Business and Economic Indicators report released by Secretary of State Tre Hargett’s office, this […]<\/p>\n","protected":false},"author":2,"featured_media":6464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[218],"tags":[],"class_list":["post-6463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy"],"_links":{"self":[{"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/posts\/6463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/comments?post=6463"}],"version-history":[{"count":0,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/posts\/6463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/media\/6464"}],"wp:attachment":[{"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/media?parent=6463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/categories?post=6463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/tags?post=6463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}