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Tennessee sees 10 years of uninterrupted new business growth





Tennessee’s business community has seen continuous year-over-year growth over the last 10 years, according to a new report from Secretary of State Tre Hargett’s office.

“To grow new businesses for 40 consecutive quarters is no small feat,” Hargett said in a statement. “It is a testament to Tennessee entrepreneurs and to our state leaders who have created a business-friendly environment that encourages investment and jobs,”

Hargett’s office processed 75,300 new business filings in the last year. More than 17,100 new entities filed in the fourth quarter of 2021, marking a 22.2% growth over the fourth quarter of 2020, according to the Tennessee Quarterly Business and Economic Indicators report.

Davidson County saw the largest number of filings, followed by Shelby County, Knox County and Hamilton. New business filings usually lead to creation of new jobs, higher personal income and higher state revenue.

“We have seen the unemployment rate continue to drop as employment growth remains really solid in most sectors of the state’s economy,” said Dr. Bill Fox, director of the Boyd Center for Business and Economic Research.

In December, Tennessee’s unemployment dropped to 3.8%, dipping below the pre-pandemic unemployment rate of 4%. It remains just below the national rate of 3.9%. Tennessee added 14,500 new jobs in December.

“Job growth is likely to maintain this upward trajectory, and that’s very good news for Tennesseans looking to re-enter or move within the workforce as the shock from the pandemic fades away,” Fox said.

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