Tennessee has come out on top for small business growth, according to a recent report from the human resources and payroll company, Paychex.
The Paychex | IHS Small Business Jobs Index collected data from 350,000 small businesses that employ fewer than 50 workers and analyzed the same-store, year-over-year worker counts. Tennessee was ranked first in the nation, with job growth of 4.2 percent in January and an overall index of 104.17.
In reporting the news, the Times Free Press quoted NFIB/TN State Director Jim Brown: “Tennessee certainly weathered the storm of the Great Recession better than most states did, and we’re doing well compared with the rest of the country. That’s a big reason why so many people are moving here.” The Times Free Press also quoted Tennessee Chamber of Commerce President Bradley Jackson, who pointed out, “Tennessee has a good business climate, and we’re a low-cost, low-tax state that more companies and entrepreneurs are discovering and coming to do business.”
Fox 17 News also reported that the East South Central area of the U.S.—including Alabama, Kentucky, Mississippi, and Tennessee—experienced the largest growth rate at 2.62 percent, more than double that of any other region.
Additionally, Tennessee saw a 6.5 percent increase in the number of new business filings in the fourth quarter, which is the fifth year of growth in the number of business entities in the state.