Tennessee’s economy growth rate continues to exceed the national average as new business filings exceed pre-recession peak levels.
That’s according to the quarterly Business and Economic Indicators report which uses data from the Division of Business Services and is published through TN Secretary of State Tre Hargett's office and University of Tennessee Knoxville's Boyd Center for Business and Economic Research.
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The state registered 8,919 new business filings during the second quarter of 2016, representing a 7.2 percent increase over same last year.
"Our data shows economic growth will continue into the near future. That proves more and more people are choosing to do business in Tennessee, which has one of the best business environments in the nation," said Sec. Hargett.
Domestic nonprofits and LLCs saw the most substantial growth of more than 15.4 and 12.7 percent, respectively.
Initial business filings have now seen year-after-year positive growth for 19 consecutive fiscal quarters.
Tennessee's unemployment rate held steady in June at 4.1 percent, the lowest the Volunteer State has seen since 2001.
The report says the national economy is seeing slow but steady growth due to lower unemployment and gas prices.
