News release from Secretary of State’s office:
Nashville, Tennessee – (August 25, 2015) – Tennessee’s economy continues on an upward trajectory as the Great Recession keeps getting smaller in the rearview mirror.
The Volunteer State recorded 8,317 new entity filings during the second quarter of 2015, which is a 9.9% increase compared to the same quarter last year. Data from a new economic report released Tuesday shows the positive year-over-year growth for 15 consecutive quarters, despite the second quarter of 2015 lagging slightly behind the first.
The Tennessee Quarterly Business and Economic Indicators report is created to provide a periodical snapshot of the state’s economy based on a variety of information, including new business data from the Division of Business Services. It’s published through a partnership with Secretary of State Tre Hargett and the University of Tennessee Knoxville’s Center for Business and Economic Research.
“Tennessee continues to be a hotbed for new businesses,” Secretary Hargett said. “These indicators tell us this momentum will continue well into the future.”
Davidson County led the way with 1,471 new filings. Shelby County was a close second with 1,096 filings.
Despite the overall growth, there were 4,398 dissolutions filed in the second quarter of 2015, which is more than double the same time last year. The yearly total is expected to rise since most entities file dissolutions during the third quarter.
The national economy got back on track after a sluggish start to the year. In 2015Q2, U.S. personal income increased by 4.2% over last year.
Tennessee’s unemployment rate fell to 5.7% in June, a 0.1% drop compared to May and a 0.9% drop compared to June 2014. That is still above the national unemployment rate of 5.3%.