PROVIDENCE — Secretary of State A. Ralph Mollis released data on Friday that indicates that April through June was Rhode Island’s best second quarter since the 2008 economic downturn, although the number of new business entities created during that period increased only modestly compared to a year ago.
Roughly 1,909 new business entities registered with Mollis from April through June, an increase of 1.9 percent from 1,873 a year ago, according to the office’s release. The state saw 3,815 new business formations in the first six months of 2013.
While the number of new business starts has slightly declined when compared to the same point last year, the first half of 2013 is nonetheless the best opening half since 2008, the release reported. In the first six months of 2008, there were 3,973 starts.
Rhode Island also saw three consecutive quarters of growth for the first time in the second quarter since the Office of the Secretary of State began recording quarterly statistics in 2005.
“While the numbers are still mixed, we starting to see a solidly upward trend,” Mollis said in a statement. Although the Secretary of State said that the economy “appears to be heading in the right direction,” he added that “it may be years before these new companies are in a position to create jobs in great numbers.”
“Mollis tracks quarterly business filings because most newly formed business entities in Rhode Island choose a corporate structure that requires registering with his office. More than 70,000 limited liability companies and for-profit and non-profit corporations are currently registered,” the Secretary’s office said in its release.
Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.