(THE CENTER SQUARE) – After three record-setting years of new business startups in Ohio, recent monthly statistics indicate a downward trend.
New business filings in the state fell by 16% in June, with reported new filings coming in at 14,589, according to Secretary of State Frank LaRose.
Ohio is averaging 15,844 filings per month, nearly 1,000 below the 16,418 filings a month recorded in 2021. That year was a record year, following records set in both 2019 and 2020, according to LaRose.
LaRose blamed inflation and pointed to an American Staff Association Workforce Monitor online survey that showed nearly 60% of workers are concerned their paycheck is not enough to support themselves or their families.
That same survey showed 28% of U.S. adults plan to look for a new job in the next six months and 27% plan to start a second job to supplement their income.
“The gravity of higher costs continues its impact on Ohio’s entrepreneurs,” said LaRose. “As inflation grows unabated, our leaders in Washington continue sitting on their hands. Ohio’s job creators deserve better.”
LaRose had also announced 14,596 new business filings in May, down 27% from the same point in 2021. The May numbers were 1,500 below the previous year.
In response, LaRose spent time traveling the state to meet with community and business leaders to promote the Ohio Business Resource Connection, which is a compilation of private and public resources to help businesses.
Ohio’s record run of business startups ended in April, when there were 15,488 new business filings, a 20% decrease from March and a 30% decrease from April 2021.
