Iowa sets new record for business filings

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DES MOINES, Iowa (KCRG-TV9) -- Secretary of State Paul Pate announced Iowans created 23,649 new business filings during the 2018 Fiscal Year running from July 1, 2017 to June 30, 2018.

That number is a new record. This is the third year in a row Iowans have set a new record for business filings. There were 21,665 businesses created in the 2017 Fiscal Year and 20,300 in the 2016 Fiscal Year.

“This is terrific news for Iowa and the state of our economy,” Secretary Pate said. “Each of the past three years, more than 20,000 new businesses have launched in our state, and 2018 is by far our best year ever. This shows Iowans have more income that they are willing to invest and create jobs in our state.”

Iowa had never surpassed the 20,000 mark before 2016.

In June, Secretary Pate launched a Fast Track Filing system to expedite the process of registering a business with the state. On average, processing time is less than five minutes during regular business hours with the new filing system. It's less than 24 hours during non-business hours.