Economy continues to see steady gains in Tennessee
Posted By Kim Swindell Wood | November 21, 2019 11:54 am
By Rachel Auberger
According to a new report released by Tennessee Secretary of State Tre Hargett there was an 8.2 percent increase in new business filings during the third quarter of 2019, and this increase, as compared to 2018, suggests continued economic growth for Tennessee.
The Tennessee Quarterly Business and Economic Indicators report is published through a partnership with the Secretary of State’s office and the Boyd Center for Business & Economic Research. Its purpose is to provide a snapshot of the state’s economy based on a variety of information, including new business data from the Division of Business Services.
“Initial filings grew for the 32nd consecutive quarter, signaling that Tennessee’s economic expansion will continue through the next year,” Dr. William Fox, director of the Boyd Center for Business and Economic Research at the University of Tennessee, Knoxville, said.
According to the report, the state economy continues to see steady gains. There were 11,585 new business entity filings recorded by the Secretary of State’s Division of Business Services in the third quarter of 2019 alone, and the manufacturing sector saw job growth of 6,200 jobs, or 1.8 percent, compared to September 2018. The report also shows unemployment fell to 3.4 in September, a 0.1 percentage point drop compared to the already low 3.5 percent rate from the month prior.
While among the four largest Tennessee counties (Shelby, Davidson, Knox, Hamilton), there were 6,856 new business entity filings recorded during the third quarter of 2019, representing a 12.7 percent increase over the same quarter last year, statewide, new filings of domestic limited liability corporations (LLCs) saw the strongest growth in the third quarter of 2019, expanding 11.2 percent over the third quarter of 2018. The state also recorded 19,336 annual report filings by existing businesses in Tennessee in the third quarter of 2019 – an 18.3 decline compared to the same quarter last year.
“This continued growth is a testament to the business-friendliness of Tennessee,” Hargett claimed.