Ohio new business filings fail to set record in 2022

Despite a string of economic challenges throughout the year, Ohioans created the second-highest numbers of new businesses in 2022, Secretary of State Frank LaRose says.

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. It was the second most in state history despite several months of filings below the previous year.

"In the face of national economic headwinds, Ohio entrepreneurs continue to show their resilience," LaRose said. "If you’re an Ohioan looking to live out the American dream of starting your own business, you should know that we’ll always have your back, and we’re here to help you from the day you file those first articles of incorporation through the growth of your business."

December’s new business filings bucked a trend of three consecutive months of filings that failed to meet the number from 2021. December had 13,012 new business filings, 496 more filings than December 2021.

Overall, the state averaged 14,969 new business filings a month, but failed to continue a trend of record filings in 2019, 2020 and 2021.

As previously reported by The Center Square, a report earlier this month from the National Federation of Independent Business showed small business owners in Ohio expect to face the same challenges in 2023 as they did in 2022 – inflation and labor.

Overall, the survey showed 61% believe economic conditions will be worse or much worse six months from now, while only 36% believed they would improve.

Also, 46% ranked inflation as the single most important problem facing their business. Staffing shortages and supply chain disruptions followed.

More than 70% of small business owners said they had to raise prices in the past three months because of higher costs, and 72% believe they expect additional price increases.

And 47% of NFIB Ohio members said they are not getting enough qualified job applications to fill vacant positions in the past three months.

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