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Report: Tennessee number one for job growth in small businesses

| Feb 24, 2017 | Banking & Business Transactions |

It’s understandable why people in certain regions of the nation would prefer to avoid any and all discussions concerning the Great Recession, which took an incredible toll on not just homeowners, but employers and employees alike. However, the chances of encountering such reticence are considerably less here in Tennessee, which not only weathered the economic storm remarkably well, but has since seen considerable growth.

In case you have a hard time believing this, consider a recently released report on small business growth by one of the largest payroll processors in the U.S.

The report, published by Paychex, which processes roughly one out of every 11 of the nation’s paychecks, ranked Tennessee number one in the nation for small business growth for the month of January with a 4.2 percent increase in employment figures. This was well ahead of second place Georgia, which saw an increase of roughly 2 percent.

As for what’s behind this, the report’s authors indicate that it can be attributed to the Volunteer State’s favorable business climate, which has facilitated both the success of startups and other entrepreneurial endeavors, as well as the expansion of major manufacturers, such as Volkswagen, Nissan and GM.

Regarding this latter point, they highlight the growth of so-called second derivatives, meaning those ventures that have capitalized upon the ongoing development of major businesses. For example, local construction outfits retained to build new facilities for one of the major automakers.

The good news is that experts are predicting that these trends should continue in 2017 and the years ahead.

“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,” said the president of the Tennessee Chamber of Commerce.

Whether you are a budding entrepreneur looking for assistance with formation or an established operation looking to secure the necessary capital, it’s imperative to consider speaking with an experienced legal professional who can help you effectively navigate the road ahead.