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Lack of Action on Inflation Continues to Impact Ohio New Business Growth

COLUMBUS – Ohio Secretary of State Frank LaRose announced 14,589 new business filings in June 2022, a 16% decrease from June 2021. This is the third consecutive month in which the number of new businesses was fewer than the previous year.

Nearly six in 10 U.S. workers say their paycheck is not enough to support them or their families, much less allowing them to invest in starting a new business. The chilling effect inflation has on business creation is measurable in June's new business filing numbers, delaying many families from attaining their American dream.

“The gravity of higher costs continues its impact on Ohio’s entrepreneurs,” said LaRose. “As inflation grows unabated, our leaders in Washington continue sitting on their hands. Ohio’s job creators deserve better.”

Through streamlining certifications for minority, women, and veteran-owned businesses and modernizing the process for limited liability companies (LLCs) to incorporate in Ohio, Secretary LaRose continues to tear down barriers to business creation in Ohio.

Over the past three years, Secretary LaRose has also expanded the Ohio Business Resource Connection, a compilation of private and public resources available to assist businesses at OhioSoS.gov/BusinessResources. The Secretary has held dozens of roundtables throughout the state with community, legislative and business leaders to spread the word about the resources available for entrepreneurs looking to start or grow a businesses.

QUICK FACTS:

  • 14,589 new business filings were reported in June 2022, a 16% decrease from June 2021.

  • 95,069 new businesses have been created in 2022 so far, averaging 15,844 per month.

  • 2019, 2020, and 2021 were all record-setting years in Ohio for new business creation. In 2021, Ohio surpassed the annual filing record with 197,010 new business filings.

  • Ohio entrepreneurs can visit OhioSoS.gov/BusinessResources to discover the array of opportunities available to them that can help them start and grow their business.

NOTE: New business filings are classified as forms filed with the Ohio Secretary of State that declare the formation of a business entity, including for-profit, non-profit 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, be profitable or create jobs.

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Rob Nichols
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