Tennessee’s Business Growth Continues in 2024

NASHVILLE, Tenn. – Tennessee business renewals grew at a robust 31.8 percent over the last year, according to the new Quarterly Business and Economic Indicators report recently issued by Secretary of State Tre Hargett’s office.

“The work of state leaders continues to pay dividends through Tennessee’s

business stability, as well as the steady flow of companies and people moving to Tennessee, which reflect our welcoming business environment and incredible quality of life,” said Secretary Hargett. “Our success shows the importance of low taxes and a predictable regulatory environment.”

Secretary Hargett credits state leaders for maintaining lower taxes, reasonable regulations, and responsible fiscal management.

During the fourth quarter, 16,616 new entities were established in Tennessee, and the total number of new filings in 2024 was 73,757. A high level of business filings typically leads to job growth, as well as personal income and state revenue increases. Of the 361,878 annual reports filed last year, 24,987 were filed in the fourth quarter. State unemployment grew slightly in December to 3.6 percent but remained well below the national rate of 4.1 percent. Statewide employment also rose by 45,400 jobs in 2024.  

Among Tennessee’s four most populous counties, Davidson and Shelby counties saw the largest number of filings in the fourth quarter, followed by Knox and Hamilton counties. Hamilton County filings grew at the highest rate of the four big counties at 10.2 percent, snapping a three-year run by Knox County of being the fastest-growing large county. All four counties accounted for 43.7 percent of new filings statewide.

“These numbers provide even more evidence that the state’s economic growth is stable and settling into what appears to be a new post-pandemic normal,” said Don Bruce, director of the Boyd Center for Business and Economic Research. “Echoing data from our ongoing Business Leaders Survey, Tennessee continues to be a business-friendly state both for established businesses and also for new ones trying to get their feet off the ground.”

This report provides a snapshot of the state’s economy based on key indicators, including new business data from the Secretary of State’s Division of Business and Charitable Organizations. It is published through a partnership with the University of Tennessee Knoxville’s Boyd Center for Business and Economic Research and the Secretary of State.

To review the complete Q4 2024 Tennessee Quarterly Business and Economic Indicators report and past reports, click here.