Tennessee's economy continues to grow in 2016 according to a new economic report. The Secretary of State's office released the report Tuesday.
9,546 new businesses were filed in the first quarter of this year, 9.9% more than in the same time period last year. More than half were in the state's four largest counties, signaling a continuing increase in urbanization. Nashville and Davidson County led the way with the most filings at 2,265.
Domestic nonprofit corporations showed the largest growth, increasing by 13.4% in the first quarter. Domestic LLCs had the largest year-over-year gains, increasing by 16.1%
There were 2380 dissolutions filed, an 85.1% reduction from the first quarter of 2015, which was abnormally high because the Department of Revenue dissolved businesses that failed to pay taxes.
Personal income increased 5% in Q4 2015, reaching $289.9 billion. Tax revenues in March were up 16%. In March, Nonfarm employment increased 3.2% or 91,800 jobs.
The Tennessee March unemployment rate fell 0.4% and is now at 4.5% - the lowest on record since June 2007.
This report was compiled by the University of Tennessee Knoxville Boyd Center for Business & Economic Research.
