Within a year, the amount of new businesses filing for Ohio has increased, according to figures from the office of Secretary of State Jon Husted. A press release from Husted’s office proclaimed the new filing statistics as possible evidence of further economic growth for the Buckeye State.
The Bureau of Labor Statistics reports that employment in Ohio trended upward between December 2015 and this January. Total nonfarm employment has been increasing continuously since September 2015, and several industries, including the financial activities sector, have seen positive percentage changes over a 12-month period.
“In February alone, 9,401 new entities did business in Ohio.”
Secretary Husted’s release notes that February 2016 has seen a 16.8 percent rise in business filings within a year. This is nearly two percentage points higher than the similar rise seen in January, suggesting another streak of sustained improvement. In numeric terms, this means 9,401 new entities did business in Ohio within February alone.
“While recognizing these numbers can’t provide a complete picture of Ohio’s jobs climate, they are an important indicator of economic activity that Secretary Husted hopes will add to the ongoing discussion of how to improve the state’s overall climate for business,” the release states.
The most recent Small Business Administration profile for Ohio also shows some other encouraging figures related to small business tenability. Nearly 80 percent of businesses that launched in 2013 lasted at least a single year, and more than 89 percent of businesses responsible for exports were described as “small firms.” In 2012, more than 2 million private workers served a small business, a category which created 84,945 jobs in 2012.
Ohio small business loans can help companies seize the advantages in their home state as they plan for the future. Growth Capital can provide loan program expertise for Ohio owners.
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