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Record Number of Business Launches Forecast ‘Massive Economic’ Rise

Record Number of Business Launches Forecast ‘Massive Economic’ Rise
Record number of business creation filings have occurred in 2021. This is more than any other prior year on record in North Carolina: 178,300. The information was obtained from the North Carolina Secretary of State's business registration division.
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Record number of business creation filings have occurred in 2021. This is more than any other prior year on record in North Carolina: 178,300. The information was obtained from the North Carolina Secretary of State’s business registration division.

In 2021, the total number of new businesses was forming. They far outpaced the prior record which was set in 2020. Then, in that year, 127,000 new businesses were forming.

Record of Business Formation Filings

The Secretary of State’s office on September 13, 2021, has processed more business formation filings than in all of 2020.

North Carolinians Want to do Business

“In fact, North Carolina is really a hotbed of folks that are eager and willing to make their own way. This is no matter what the pandemic does throw their way,” said North Carolina Secretary of State Elaine F. Marshal. “Moreover, North Carolina is a place where people want to do business. Also, we are doing everything that we can to help them turn their dreams into dollars. Which go in their pockets.”

Assessing Newest Entrepreneurs

New businesses that were forming one, two, or three years ago were surveyed by the Secretary of State’s office. Also, it does assess how entrepreneurs were chosing to form their businesses. Plus to gather additional data and information about their firms. Plus, 90% of survey respondents did indicate their business was still operating. Therefore, 50% of the survey respondents reported revenues of more than $25,000 annually. Also, 9% of respondents did report revenues in excess of $500,000 annually.

Therefore more than 400,000 companies did start with the prior three years. There are roughly 36,000 new companies that would be generating half a million in annual revenue. In fact, that is what is based on the 9% self-reported rate identified by the survey.

“There is a collective economic impact of that,” said Ruhe. That is when it does come to state revenues. Plus job creation and economic development. “Moreover, the economic impact to the state is huge. However, we don’t have incentives. Then support and an attention span are commensurate with that impact.”

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