The office is basing its findings on new business filings.
The office says there were 10,888 new entity filings in the first quarter of 2018, a 14.3 percent increase over the same time period last year.
“This denotes the 27th consecutive quarter of positive year-over-year growth,” the report said. “As of June 1, there were 282,982 active entities in Tennessee, representing a 5.9 percent increase compared to the second quarter of 2017.”
Tennessee Secretary of State Tre Hargett noted: “This strong growth shows that Tennessee’s economy continues to thrive. Companies are continuing to choose Tennessee as a destination to do business because of the friendly business climate.”
Limited liability corporations (LLCs), according to the office, account for nearly two-thirds of all new filings, increasing by 20 percent.
Shelby County led the way among the state’s four largest counties with 18.8 percent growth in initial filings. Hamilton County came in second at 11.5 percent with Davidson County trailing just behind at 11.4 percent. Knox County saw an 8.1 percent increase. The four counties accounted for 6,306 new entity filings during the first quarter of 2018, which is a 13.3 percent increase compared to the same time in 2017.
The report issued no data for Sullivan or Hawkins counties.
Tennessee’s unemployment rate remained unchanged from May to June at 3.5 percent. The state’s unemployment rate remains below the U.S. rate of 3.9 percent.
“We should continue to see economic growth over the next six to 12 months,” said Dr. William Fox, director of the Boyd Center for Business and Economic Research at the University of Tennessee. “We now believe this will be the longest recovery in the post-World War II time period by the end of the state’s current fiscal year.”