Inflation continues to hamper Ohio new business growth


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COLUMBUS – Ohio Secretary of State Frank LaRose announced 14,596 new business filings in May 2022, a 27% decrease from May 2022 and a 14% decrease from the same point in 2021.

Inflation continues to be a major factor stifling small business optimism nationwide. According to a survey conducted by the National Federation of Independent Businesses (NFIB), inflation was the single most important problem facing their business. In a separate study conducted by NFIB Ohio, inflation was ranked as the issue most concerning to Ohio small business owners by 49% of respondents.

“Plain and simple, it’s getting too expensive for entrepreneurs to start a business. When I meet with new business owners, they’re growing more and more frustrated with the inaction from our leaders in Washington DC,” said LaRose. “Entrepreneurs need to know that Ohio has their back. That’s why I’ve aimed my office’s efforts toward cutting bureaucratic red tape and directing Ohio businesses to the resources that can help them succeed.”

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 grow their businesses.

QUICK FACTS:

14,596 new business filings in May 2022, a 27% decrease from May 2022 and a 14% decrease from the same point in 2021.

80,480 new businesses have been created in 2022 so far, averaging 16,096 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 helpful opportunities available to them that can help them start and grow their business.

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