Tennessee employment surpasses pre-pandemic levels
JACKSON, Tenn. — Tennessee employment rates are on the rise.
Tennessee Secretary of State Tre Hargett and the Director of the University of Tennessee Knoxville’s Boyd Center for Business & Economic Research, Dr. William Fox, hosted a teleconference to discuss the findings of the Tennessee Quarterly Business and Economic Indicators Report.
Hargett says Tennessee non-farm employment has fully rebounded from the pandemic, and it now surpasses pre-pandemic levels for unemployment with 45,500 more people holding jobs.
State unemployment dropped to 3.2%, which is below the national rate of 3.6%.
New business filings in the first quarter of 2022 grew 8.7% from first quarter filings in 2021, marking 42 consecutive quarters of year-over-year growth.
Over 77,000 new businesses filed over the past year and 21,353 new entities filed in the first quarter of 2022.
“Since the pandemic started, Tennesseans have done an incredible job of starting new businesses. And so actually the last seven quarters are the highest in the history of the data, and it just happens to be lower than other pandemic-related quarter. But really good news,” Fox said.
To review the complete Q1 2022 Tennessee Quarterly Business and Economic Indicators Report, past reports and a teleconference recording about the report with Hargett, click here.
You can find more news from across the state here.