(THE CENTER SQUARE) – Ohio’s new business filings in September reverted to a downward trend after a 1-month reprieve in August.
New business filings in September were lower than in August, according to a release from Secretary of State Frank LaRose, but level with filings from September 2021.
LaRose continues to blame inflation that has gripped the country for several months for the lackluster startup numbers but says entrepreneurs continue to develop businesses across the state.
“Ohio families are digging in after being hit hard by inflation, and some may have had their confidence about starting a new business shaken,” said LaRose. “Despite those challenges, this month’s numbers show many new entrepreneurs are undaunted and continue to believe in Ohio. They are doing their part to keep our economy moving by starting their new business.”
Also, LaRose pointed to a National Federation of Independent Business report that showed small businesses across the country see staffing shortages and supply chain issues as ongoing problems.
There were 14,493 new businesses created in Ohio in September, which is 8.4% lower than in August. Those September filings were 0.3% behind last year’s and lower than the 15,352 average monthly filings this year.
Ohio set records in 2019, 2020 and 2021 for new business creation. In 2021, Ohio passed the annual filing record with 197,010 new business filings.
As previously reported by The Center Square, new business startups broke a downward trend in August. The state registered 15,815 new business filings in August, slightly higher than in July, representing a six-month low and the fourth consecutive month of declines.
