The number of new businesses grew more than 10 percent during the first quarter of 2018 compared to the same time last year, according to a new report released by the Secretary of State’s office.

There were 11,480 new entity filings in the first quarter of 2018, representing a 10.7 percent increase compared to the same time the year before. Initial filings have now had positive year-over-year growth for 26 consecutive quarters. Domestic limited liability corporations (LLCs), which were up 13.3 percent compared to the first quarter of 2017, account for nearly two-thirds of all new entity filings.

“Quarter after quarter we continue to see the positive effects of having a business-friendly state,” said Tennessee Secretary of State Tre Hargett. “Businesses big and small are choosing our great state because of the welcoming policies we have in place.”

The Tennessee Quarterly Business and Economic Indicators report is created to provide a periodic snapshot of the state’s economy based on a variety of information, including new business data from the Division of Business Services.

As of April 1, 2018, there were 273,437 active entities in Tennessee representing a 5.5 percent increase compared to the same time last year.

Among the state’s four largest counties, Davidson County has the largest initial filings year-over-year growth at 13.7 percent. Shelby County came in second at 8.5 percent with Knox County trailing just behind at 8.3 percent. Hamilton County saw a 3.3 percent increase. The four counties account for 6,618 new entity filings during the first quarter of 2018, which is a 9.8 percent increase compared to the same time in 2017.

In April, the state’s tax revenues for the current fiscal year were up 3.8 percent overall. The national economy is showing mixed, but positive signs with solid gains in employment and housing.