RALEIGH – A slowing economy hindered by high inflation and the prospects of a recession later this year is not deterring entrepreneurs in North Carolina with new business creation setting a record in January.
So says the North Carolina Secretary of State’s office.
Nearly 16,000 new business filings were recorded in January. That’s a 6% jump over the previous record set in January 2022.
The growth signifies in part the wishes of some economic development leaders who want the state to decrease its reliance on recruitment of big industrial plans and technology company expansions that often require millions of dollars in tax subsidies.
“[T]here are more efficient but woefully neglected sources for new job creation hiding in plain sight,” wrote Thom Ruhe, chief executive officer of the NC IDEA economic foundation.
“Specifically, I am referring to the job-creating capacity of new and young firms with high-growth potential that chose to start in North Carolina. Estimates vary by source, but they range from asserting that half of all new jobs are created by startups to all net new jobs in the country.”
‘Great news for North Carolina’s economy’
New business filings were made with the NC Secretary of State’s Business Registration Division.
“While we saw slight moderation from 2021’s record-setting new business creations in 2022, filings outpaced every other year by a wide margin,” said Secretary of State Elaine Marshall. “It’s also great news for North Carolina’s economy that we are ringing in 2023 with record-breaking business creations that show just how enduring our state’s entrepreneurial spirit is.”
Filings were made with the NC Secretary of State’s Business Registration Division.
The year’s strong start in new businesses follows a near-record setting total in 2022 of 171,400.
That total fell short of the record 178,300 set in 2021, Marshall’s office noted.
New business filings have surged more than 70$ over the past four years, according to state data.
Marshall also pointed out that her department has sought to make business filings easier and with fewer errors through its “Web Wizards” technology which launched in 2020.
“Every new business creation represents someone’s dream, their drive and their determination to forge a new path for themselves, and our mission is to streamline the filing process as much as possible and ease their access to the resources that can help them find success,” said Marshall.
