Ohio new business filings dip again in April
Mon, May 22, 2023 1:54 PM
By J.D. Davidson, The Center Square
Ohio Secretary of State Frank LaRose continues to blame Washington, D.C. for the slow pace of new business filings in the state.
Filings in April fell nearly 5% compared to last year, marking the second consecutive month of a decrease. However, new business filings for the year remain ahead of the same time in 2022.
Ohio saw 14,765 new filings in April. For the year, there have been 66,646 filings, more than 700 more than a year ago.
LaRose said the new numbers come when concerns are growing nationally about economic conditions, including rising interest rates and issues in the banking industry.
“When job creators see inaction in Washington, business growth suffers,” LaRose said. “We’ve made Ohio one of the fastest and easiest places to start a business, but the administration in Washington needs to do its part by calming a nervous economy and getting spending and inflation under control. Their current posturing over the debt ceiling isn’t helping.”
LaRose’s comments came a month after the state set a record for new business filings in the first quarter of this year, despite a fall in March compared to a year ago, as previously reported by The Center Square.
The first-quarter numbers are nearly 1,500 more than the same point a year ago, following 2019, 2020 and 2021, all record-setting years in the state.
The state had 179,639 new business startup filings in 2022, which was a little less than 20,000 filed in the record year of 2021. Despite several months of filings below the previous year, it was the second most in state history.
New business filings are classified as forms filed with the secretary of state that declare the formation of a business entity, including for-profit, nonprofit and professional corporations, limited liability companies, partnerships, limited partnerships and limited liability partnerships. Filing as a business in Ohio does not guarantee the company will begin operations.