(The Center Square) – Ohio’s new business filings rose by a double-digit percentage in July and are on pace to eclipse last year’s near-record mark.
July’s 14,500 new businesses created was a 12% jump over the same period a year ago, according to Secretary of State Frank LaRose.
The news comes as the National Federation of Small Business announced a 0.9 increase in its Small Business Optimism Index to 91.9, which remained below the 49-year average of 98.
The index reflects business owners expect better business conditions over the next six months, and the percentage of owners raising prices fell to its lowest level since January 2021.
“With small business owners’ views about future sales growth and business conditions dismal, owners want to hire and make money now from solid consumer spending,” NFIB Chief Economist Bill Dunkelberg said. “Inflation has eased slightly on Main Street, but difficulty hiring remains a top business concern.”
The July figures continue a roller-coaster new business year, with 123,674 created in 2023.
The state set a first-quarter record for new filings in March, despite a fall in March figures compared to a year ago.
The first-quarter numbers are nearly 1,500 more than the same point a year ago, following 2019, 2020 and 2021, all record-setting years in the state.
New businesses rose in May after falling in April.
The state had 179,639 new business startup filings in 2022, which was a little less than 20,000 filed in the record year of 2021. Despite several months of filings below the previous year, it was the second most in state history.
New business filings are classified as forms filed with the secretary of state that declare the formation of a business entity, including for-profit, nonprofit and professional corporations, limited liability companies, partnerships, limited partnerships and limited liability partnerships. Filing as a business in Ohio does not guarantee the company will begin operations.
