Hamilton County led the state in the growth of new business formations in the first quarter of 2017 with the number of new businesses created this year up by nearly a third from the same time a year ago.
The Tennessee Secretary of State’s Office said Monday that 787 new business entities were created in Hamilton County during the first three months of this year, up 32.2 percent over last year’s volume. Chattanooga led all major cities in the growth in business starts in the first quarter, although Knox County also showed a healthy 18.3 percent gain in new business filings.
“Chattanooga and Cleveland area are showing very robust growth – some of the strongest growth in both employment and business starts anywhere in Tennessee,” said Dr. William Fox, director of the Center for Business and Economic Research at the University of Tennessee. “This (new business filing report) is a good leading indicator and it signals continued economic growth throughout this year. There is nothing in the data we see to suggest any slowdown in either the state or the U.S. economy in the next year or 18 months.”
Fox said Southeast Tennessee and metro Nashville are the fastest growing areas of Tennessee.
Tre Hargett, Tennessee Secretary of State, speaks during a meeting with the Chattanooga Times Free Press editorial board.
Eddie Poe uses a motorized blower to dry Innovation District logo paint in the middle of the intersection at Market and E. 11th Streets Wednesday morning. “This is a nine-square design to draw attention to Innovation District headquarters,” said Ben Taylor, CDOT assistant Transportation Engineer. The headquarters are to be located in the multi-story Edney Building across from Patten Towers.The Chattanooga region has benefited by the addition and expansions at Volkswagen, Wacker, Amazon and other major employers, and those investments are now yielding more business startups as well, Fox said.