Hamilton County saw a strong increase in new business formations in the final three months of 2024, according to state data, posting a 10% jump compared to the same time period the previous year.
Across Tennessee, almost 17,000 new entities — including businesses and nonprofit organizations — were formed in the final quarter of the 2024, a slight decline from the same time frame in 2023. Statewide, the quarter-over-quarter growth rate during this period has plateaued since sharp jumps in 2020 and 2021.
This fourth quarter decrease could suggest slower economic growth in Tennessee, according to a report from the secretary of state’s office.
Although growth could moderate in the near future, new entity filings, economic activity and employment numbers remain historically high, the report said.
“A high level of business filings typically leads to job creation, increase in personal income levels as well as state revenue growth,” Secretary of State Tre Hargett said in a conference call. “The level of business creation remains well above pre-COVID levels.”