Colorado’s business entity filings and job growth are on the rise, according to the latest Quarterly Business and Economic Indicators report released by Secretary of State Jena Griswold today.
During the first quarter of 2019, 35,838 new business entities were filed with the Secretary of State’s office, contributing to a 5 percent increase over the past 12 months. There were 159,746 business renewals, which is more than a 7.6 percent increase over the prior year. There are more than 718,000 Colorado businesses in good standing, a record for Colorado.
The Business Research Division at the University of Colorado Leeds School of Business compiles the report using data from the secretary of state’s central business registry. The report looks at a variety of factors, such as energy costs, the labor market and inflation.
“I am encouraged by the gains in existing entity renewals and continued gains in new business formations, which have led to a record number of Colorado businesses in good standing,” said Griswold. “This indicates that the business environment in Colorado remains stable, and we are well-positioned to maintain our status as one of the leading state economies nationally.”
From March of 2018 to March of 2019, Colorado added 44,800 jobs. Employment growth is projected to continue to grow over the next two quarters of this year. Data from the Bureau of Economic Analysis shows that Colorado personal income increased by 1.5 percent, totaling nearly $331 billion.
“Annual growth in filings aligns well with the overall growth we continue to see in the Colorado economy,” said Richard Wobbekind, executive director of the Business Research Division at University of Colorado Leeds School of Business. “As well, the slowing growth of new filings registered in Q1 is consistent with other slowing economic variables.”
Last quarter, business leaders expressed confidence looking ahead two quarters. This increased slightly after the growth in business entity filings; renewals and employment all went up over the first quarter of 2019.