(The Center Square) – Nashville ranked 14th in the nation for the number of businesses reporting moderate or large price increases in a new survey from LendingTree. Tennessee, meanwhile, ranked 11th among all states.
The reportbased on the U.S. Census Bureau Small Business Pulse Survey, said 80.2% of Nashville businesses reported these increases.
Milwaukee, Charlotte, Columbus and Orlando topped the list with companies reporting those increases.
“Given rising inflation, I’m not surprised so many companies have seen prices rise,” said Matt Schulz, chief credit analyst at LendingTree. “Rising costs have affected virtually every aspect of our lives over the past year, and businesses have certainly been hit hard as well.”
Overall, 82.8% of Tennessee businesses reported increases. Nationwide, 24.2% of businesses said they would seek new supply chain options, a significant increase from 14.0% the previous year.
Memphis ranked last on the list of the nation’s 50 largest cities, with just 55.5% of businesses reporting moderate to large price increases.
Nationally, 78.6% of businesses reported increases. Manufacturing companies, in particular, were hit as 92.7% reported increases and 46.7% said they would seek new suppliers over the next six months.