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Secretary of State Mollis Releases Second-Quarter Numbers on New Business Starts

PROVIDENCE, RI -- While the number of new business entities created in April through June grew only modestly compared to a year ago, it was still the best second quarter since the economic downturn began in 2008, according to data released today by Secretary of State A. Ralph Mollis.

Some 1,909 new business entities registered with Mollis from April through June, up 1.9 percent compared to the 1,873 a year ago. And the state saw three straight quarters of growth in the second quarter for the first time since the Secretary of State's office began keeping quarterly statistics in 2005.

"There is a lot to be encouraged about. We shouldn't get ahead of ourselves, but I think it is fair to say the economy appears to be heading in the right direction," said Mollis.

Through the first six months of 2013, there were 3,815 new business formations. Even though the number of starts fell slightly compared to the same point last year, it was still the best opening half since 2008, when 3,973 new business entities were formed.

"While the numbers are still mixed, we starting to see a solidly upward trend. Even so, it may be years before these new companies are in a position to create jobs in great numbers," said Mollis.

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.

In addition to its work with start-ups, the Secretary of State's office also oversees recording commercial liens, registering notaries public and protecting corporate trademarks.

Secretary of State Mollis is committed to making it easier for Rhode Islanders to vote, making it easier to do business in Rhode Island and making government more open and accessible. For more information about the programs and services the Secretary of State offers Rhode Islanders, visit sos.ri.gov.

MEDIA CONTACT: Chris Barnett at 222-4293

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Related links

Department or agency: Office of the Secretary of State

Online: http://www.sos.ri.gov/

Release date: 07-12-2013

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