Peach State Surges Past New Business Formation Milestone
Thursday, January 16th, 2020
Georgia surged to a new record for business formation in 2019 with more than 165,000 new businesses formed, according to Secretary of State Brad Raffensperger. This marks the first time new business formation surpassed 150,000 in a calendar year, a significant milestone for Georgia businesses.
“Georgia’s record breaking new business formation highlights how the state has become an economic powerhouse under a pro-business, free-market oriented administration,” Raffensperger said. “As Secretary of State, I am committed to making Georgia a better place for business and to ensuring small businesses can thrive.”
“Georgia’s record business formation is a testament to the dynamism and growth of Georgia’s business community and the pro-business policies the Georgia Chamber of Commerce and Secretary Raffensperger are pursuing,” said Georgia Chamber of Commerce President and CEO Chris Clark.
Raffensperger joined with the Georgia Chamber of Commerce and its President and CEO Chris Clark, to make the announcement in a press conference at the Georgia Chamber’s annual Eggs and Issues breakfast.
In 2019, more than 165,000 new businesses formed in Georgia, the highest number on record. This represented a 20,000 business surge from more 145,000 new businesses in 2018, a 14 percent increase. Most of that increase, totaling more than 19,000 new businesses, came from new Georgia-based businesses.
In a vote of confidence for Georgia’s appeal as a business friendly climate, the number of entities from out of state or country that set up shop in Georgia in 2019 jumped more than 9 percent. Between 2018 and 2019, more than 900 foreign entities registered in the state of Georgia, bringing business, investment and jobs to the Peach State.
The Secretary of State’s office works hard every day to ensure Georgia’s small businesses and entrepreneurs can operate quickly and efficiently. Raffensperger has committed to bringing down the cost of business in Georgia and through the Secretary’s Corporations division is working to do just that. The Corporations Division on average processes 1,100 business filings per day. Their hard work has made it easier for business in Georgia to grow uninhibited by red tape.
This new record demonstrates why Georgia is a top state for business in the U.S. In 2019, Area Development named Georgia the top state for business for the sixth year. In its assessment, Area Development specifically cited the speed of permitting in the state as a reason for Georgia’s business friendly atmosphere. Secretary Raffensperger is proud to oversee an agency that gets out of the way of business so it can grow.
In 2019, Georgia was ranked the top business climate in the country by Site Selection magazine for the seventh year in a row.