Tennessee set new records in the first quarter of 2023 for business formations and renewals in the state, according to the recent Quarterly Business and Economic Indicators report issued by the Secretary of State’s Office.
In the first quarter of 2023, 21,516 new entities filed, and 199,309 firms renewed their active status by filing annual reports, representing the highest totals for any quarter in the 25-year history of the data.
The largest number of filings were in Davidson County, followed by Shelby, Knox, and Hamilton counties. Knox County saw the highest percentage increase in filings year-over-year, growing by 18.4%.
Tennessee’s unemployment in March dropped to 3.4%, just below the national rate of 3.5%. Tennessee jobs grew by 1,700 in March and by 96,900 over the last twelve months.