(The Center Square) – More than 73,000 new business entities filed with the Tennessee Secretary of State in 2024, according to the Quarterly Business and Economic Indicators report.
The report released by the secretary of state’s office shows 16,616 new entities were established in the fourth quarter.
Business renewals were up 31.8%, according to the report.
“A high level of business filings typically leads to job growth, as well as personal income and state revenue increases,” Secretary of State Tre Hargett said in a conference call.
Hamilton County had the most significant percentage increase in new business filings, with a 10.2% growth rate.
“These numbers provide even more evidence that the state’s economic growth is stable and settling into what appears to be a new post-pandemic normal,” said Don Bruce, director of the Boyd Center for Business and Economic Research, which compiles data from the report. “Echoing data from our ongoing Business Leaders Survey, Tennessee continues to be a business-friendly state both for established businesses and also for new ones trying to get their feet off the ground.”
The Tennessee Business Leaders Survey shows 75.9% of respondents feel as if the state is on the right track. Nearly 73% said state government is doing “good” or “excellent” in helping their business succeed.
Tennessee is outpacing the nation in two key areas, Hargett said.
Personal income grew 3.5% over the previous quarter and reached $472.6 billion in the fourth quarter. When adjusted for inflation, real personal income is up 1.9%, higher than the national rate of 1.6%.
The Volunteer State outpaces the nation in unemployment, which is at 3.6% compared to the national rate of 4.1%.
