Tennessee sees surge in new business applications
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New business applications have surged in Tennessee in recent years, with Nashville as the clear leader driving the trend.
Why it matters: Small businesses are a cornerstone of the U.S. economy, employing tens of millions of Americans.
By the numbers: Tennesseans filed nearly 96,000 new business applications in 2023, per the U.S. Census Bureau — about 13.5 for every 1,000 residents.
- The growth rate was highest in Davidson County, where 47,037 applications were filed. That's 23.6 for every 1,000 residents.
- Middle Tennessee was a leader more broadly, accounting for half of the 10 counties in the state with the highest application rates.
Between the lines: That's in line with a national trend. Business applications have trended up for several years, with a notable spike during the pandemic.
Yes, but: Our statewide numbers could be better. Tennessee ranks near the middle of the pack for the number of business applications per 100,000 residents.
- Many of our neighbors in the Southeast, including Georgia, Mississippi and North Carolina, logged higher rates.
Reality check: Filling out the paperwork for a new firm is just one step, but it's at least a sign of confidence that small business success is possible.