More than 7,000 new businesses were formed in Tennessee during the final quarter of last year, according to a new economic report. The number of new businesses created during the fourth quarter of 2014 was up 8.8 percent from the same time period during the previous year.
The reports are produced quarterly by the Secretary of State’s office and the University of Tennessee-Knoxville’s Center for Business and Economic Research. They draw on information provided to the Secretary of State’s office regarding business filings and dissolutions, as well as other economic information drawn from other sources.
The report can be found online at http://tn.gov/sos/be_reports/201502.pdf
“The increase in the number of new business filings is a positive sign for the state’s economy,” Secretary of State Tre Hargett said. “It is one of several encouraging economic indicators that can be found in our latest report.”
Statewide, personal income growth is up 3.7 percent compared to the same period last year. Total tax revenues grew 4.7 percent compared to the fourth quarter of last year.
Non-farm employment increased 2.4 percent. However, the state’s unemployment rate remains a full percentage point above the national average.
Nationally, there are promising signs as well. The gross domestic product and sales of light vehicles continued to grow, while gasoline prices were at a five-year low.