Colorado employment is poised to modestly expand extending into 2017, 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 business registry to report correlations between the data and economic metrics.
“Several months ago our office was excited to surpass a record of 600,000 business entities in good standing,” Secretary Williams said. “I’m happy to report that business formation continues to accelerate beyond that number.”
In the three-month period ending in September, there were 119,385 business entity renewals, an increase of 4.1 percent compared with the third quarter of 2015. Limited liability companies once again drove year-over-year growth in entities in good standing.
“This data confirms that Colorado is likely to see continued, moderate employment growth into 2017,” said economist Richard Wobbekind, executive director of the Business Research Division.
During the third quarter, a total of 27,008 new business filings were recorded with the Secretary of State’s office, a decrease from the second quarter of 2016, but an increase of 7.3 percent over the prior year. Colorado recorded 108,068 new entities during the 12 months ending in June, a 5.2 percent increase over the previous 12 months. The third quarter finished with 619,477 total entities in good standing in the business registry, a 5.4 percent increase over the prior year.
Visit the secretary of state’s website to view current and past reports, or to sign up to receive reports by email.