NASHVILLE, Tenn. (WTVF) — State officials say new businesses filings for the first quarter of this year have surged compared to the first quarter of 2020.
Tennessee Secretary of State Tre Hargett’s office announced the update Thursday, saying new business filings for the first quarter of 2021 grew 55.1% from 2020 first quarter filings-- which they say is the largest year-over-year gain in the 28-year history of this data being collected.
Hargett’s office said the "historic surge" signals a "renewed confidence in the economy" as the state continues to rebound from the pandemic.
According to the state’s Quarterly Business and Economic Indicators report, 19,652 entities were filed, making it the highest quarterly total on record.
"This data is an encouraging sign and a strong vote of confidence by Tennesseans and people worldwide investing in our state’s business and entrepreneur-friendly environment,” said Secretary Hargett.
The state says Shelby County saw the largest number of new filings, followed by Davidson, Knox and Hamilton counties.
According to the state, national data indicates that online businesses grew substantially during the pandemic, which they say likely explains Tennessee's sustained business growth through 2020.
Tennessee’s unemployment rate is currently at 5%, which the state says continues to edge down from its 15.8% high one year ago but remains above pre-pandemic levels.
A little more than 6,000 new unemployment claims were filed last week in Tennessee, the lowest increase in new claims since November. The Tennessee Department of Labor and Workforce Development said the number of continued claims is currently at 50,443.
What is the rebound?
As Middle Tennessee works to rebound from the impact of the Coronavirus, we want to help. Whether it's getting back to work, making ends meet during this uncertain time, or managing the pressure, we're committed to finding solution. In addition, we want to tell your stories of hope, inspiration, and creativity as Middle Tennessee starts to rebound.
Find more in the sections below
More Safely Back to School storiesHow schools are changing, and what you can do to help your child get the most from their education, in-person or virtual
Getting Back To WorkLearn about the latest job openings, how to file for benefits and succeed in the job market.
Making Ends MeetFind help on topics from rent to food to new belt-tightening techniques.
Managing the PressureFeeling isolated or frustrated? Learn ways to connect with people virtually, get counseling or manage your stress.
Doing What’s RightKeep track of the way people are spending your tax dollars and treating your community.
State of EducationFind ways to cope with the new normal around schools and celebrate students’ success in the age of Coronavirus.
We're Open Y'allSupport local businesses doing their best to stay open and serve their customers during Covid.