Report Highlights Mixed Business Indicators, Signs of Economic Growth
More new businesses filed paperwork to register with the Secretary of State’s office during the third quarter of this year, compared to the previous quarter. That’s one of the encouraging signs from the office’s latest quarterly report on business and economic indicators.
Statewide, there were 7,875 business entity initial filings with the office during the third quarter of this year – an increase of 4 percent over last quarter. So far this year, initial filings are running 13.4 percent ahead of last year’s pace. That bodes well for future job growth in the state.
The quarterly report was produced jointly by the Secretary of State’s office and the University of Tennessee-Knoxville’s Center for Business and Economic Research. The report contains information on business formations and dissolutions for nonprofit and for-profit corporations that are required to register with the Secretary of State’s office.
The report showed a drop in the number of annual reports submitted by businesses and an increase in the number of dissolution notices for businesses. However, the Center’s economists believe the drop is mostly attributable to the cycle in the fiscal year when many businesses are administratively dissolved for failure to file annual reports.
The report also contained other good news, including a 4.1 percent increase in Tennesseans’ personal income for the year-to-date and a 4.7 percent increase in total tax revenue collections for the quarter.
“Overall, the positives seem to outweigh the negatives in this report,” Secretary of State Tre Hargett said. “Our economy does appear to be trending in the right direction. I want to thank Dr. William Fox, director of the Center for Business and Economic Research, and his staff for their help in preparing this report, which I think should be of interest to many Tennesseans who follow business activity in our state.”
To view the report online, go to: http://tn.gov/sos/be_reports/201411.pdf