Based on continued growth in fourth-quarter new business filings in Colorado -- including entity renewals, trademarks and trade name registrations -- employment in the state is projected to expand through the first and second quarters of 2015, according to a University of Colorado Boulder report released today by Colorado Secretary of State Wayne Williams.
The quarterly indicators report, prepared by CU-Boulder’s Business Research Division at the Leeds School of Business, uses data from the secretary of state’s central business registry.
A “fee holiday” implemented last summer by former Secretary of State Scott Gessler concluded in October. During the fourth quarter of 2014, a total of 23,320 new businesses filed with the secretary of state’s office, down from 27,640 in the third quarter of 2014.
“The end of the business filing fee holiday resulted in a small decrease in new entity formation compared to the third quarter,” said Williams. “But the larger trend is that Coloradans continue to put their ideas into the marketplace and grow our economy.”
The quarterly report is based on an analysis that found a strong correlation between new entity filings and total nonfarm employment.
“As a state, Colorado has done well creating jobs, but wage growth remains the missing component in this recovery,” said economist Richard Wobbekind, executive director of CU-Boulder’s Business Research Division.
Colorado recorded 102,127 new entities during the 12-month period ending in December -- a 13.8 percent increase from the previous 12 months.
At 107,848 for the fourth quarter, existing entity renewals also were up by 5.5 percent compared with the same period in 2013. Renewals from domestic limited liability companies represented the greatest increase among existing entities.
The fourth quarter finished with 570,093 total entities in good standing in the business registry, a 2.8 percent increase from the prior quarter and an 8.5 percent increase from 2013.
Visit the secretary of state’s website at http://www.sos.state.co.us/pubs/business/quarterlyReports/index.html to view current and past reports or to sign up to receive reports by email.
Richard Wobbekind, Leeds School, 303-492-1147
Brian Lewandowski, Leeds School, 303-492-3307
Elizabeth Lock, CU-Boulder media relations, 303-492-3117
Tim Griesmer, Colo. Dept. of State, 303-860-6903