Tennessee’s economy has consistently grown for five straight years, and the growth has been especially strong in Hamilton County.
“New entity filings have risen for a very impressive five straight years, evidencing a very solid Tennessee economy and signaling that more growth is expected through 2017,” Dr. William F. Fox, Boyd Center for Business and Economic Research director,said in a prepared statement.
Thursday morning, state leaders discussed the Tennessee Quarterly Business and Economic Indicators report, which is created to provide a periodic snapshot of the state’s economy based on a variety of information, including new business data from the Division of Business Services.
It’s published through a partnership with Secretary of State Tre Hargett and the University of Tennessee’s Boyd Center for Business and Economic Research.
There were 8,898 new entity filings in the third quarter, which represents a 7.3 percent increase over the third quarter of 2015.
This marks the 20th consecutive quarter of positive year-over-year growth.
As of Oct. 1, there were 241,619 active entities in Tennessee, representing a 5.2 percent increase over last year’s third-quarter count, according to a news release from the secretary of state’s office.
Hamilton County saw a53.6 percent year-over-year change in initial business filings.
The creation of new businesses means more jobs for the state.
“We are creating a lot of new companies and with it a lot of new employment,” Fox said.
He called this area’s growth “extraordinary” and said that the boom is happening in areas surrounding Hamilton County, too.
“It’s not just a Hamilton County phenomenon-it’s also in the Cleveland area, as well,” he said.
Domestic limited liability corporations-or LLCs-account for more than half of all new entity filings, growing 10.8 percent over the third quarter last year.
“Another thing to note, many [new businesses] are not in standard C-corp form,” Fox said. “This is a continuing trend.”
Davidson County again led the way with the most initial filings among the state’s four largest counties with 2,140.
Shelby County had 1,594, followed by Knox with 734 and Hamilton at 648.
The four counties account for 5,116 new entity filings during the third quarter, which is an “astonishing” 45.9 percent increase over the same time last year, according to a news release.
Click here to see the entire report.