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LaRose Releases New Business Numbers for August 2022

Columbus – Ohio Secretary of State Frank LaRose announced 15,815 new business filings in August 2022, a slight uptick from the 6-month low last month. While this serves as a slight 2.7 percent increase from August 2021, new business creation is still down nearly 13 percent from the same point last year.

The National Federation of Independent Businesses Small Business Optimism Index reported this month that “twenty-nine percent of owners reported that inflation was their single most important problem in operating their business, a decrease of eight points from July’s highest reading since the fourth quarter of 1979.”

“The small business owners I speak with are doing everything they can to cope with inflation, but it’s still a big problem,” said Secretary LaRose. “Washington’s egregious spending only exacerbates the issue facing all Americans and continues to serve as a constant challenge for small businesses in Ohio.”

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 work to simplify the process for starting a business 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. 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 their businesses.

QUICK FACTS:

  • 15,815 new businesses were created in August 2022, a 2.7% increase from August 2021.
  • 123,674 new businesses have been created in 2022 so far, averaging 15,459 per month. 142,057 had been created at the same point last year.
  • 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 helpful 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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