The Volunteer State's economy is climbing into uncharted territory, reaching heights well above the peak experienced before the Great Recession, according to a report released Thursday by the Secretary of State's office.
The second quarter of 2016 welcomed 8,919 new entity filings, representing a 7.2 percent increase over the second quarter of 2015. This marks the 19th consecutive quarter of positive year-over-year growth.
The Tennessee Quarterly Business and Economic Indicators report is created to provide a periodic 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 Boyd Center for Business and Economic Research.
"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," Secretary Hargett said.
Domestic nonprofit corporations and domestic limited liability corporations (LLCs) demonstrated the most substantial growth compared to this time last year at 15.4 and 12.7 percent respectively.
Davidson County led the way with the most initial filings among the state's four largest counties with 2,124. Shelby County had 1,524 followed by Knox with 717 and Hamilton at 588. All four counties saw very substantial growth in new entity filings compared to the second quarter of 2015, but fell behind the previous quarter.
The state's unemployment rate held steady in June at a strikingly low 4.1 percent, well below the national average of 4.9 percent. It's the lowest monthly unemployment rate the state has recorded since April 2001.
The national economy is experience slow but steady growth due to an uptick in housing and low gas prices.