Colorado is continuing to add new businesses according to a CU Boulder report released by Secretary of State Wayne W. Williams.
Stock photo of Denver.
The report, prepared by the Leeds Business Research Division, shows more than 30,000 corporations, nonprofits and other entities filed papers with the secretary of state’s office to get off the ground in the third quarter. That marks a 9.3 percent increase year-over-year, continuing a years-long upward trend.
There were more dissolution filings in the quarter, but renewals for existing entities marked a strong 6.7 percent increase from this time last year.
The quarter also notched a record number of businesses in good standing, with an 8.5 percent increase.
Combined with the state’s other numbers, Williams said more growth appears likely.
"It is very encouraging to see Colorado exceed national averages in both total wages and wages per employee," Secretary Williams said. "Salaries are an important factor in attracting skilled and talented employees to Colorado businesses for sustained economic growth."
The state’s economic markers appear to support the notion of further growth in Colorado. Bureau of Labor Statistics numbers show initial and continuing jobless claims are at a low point not seen since 2000. The state added 72,200 jobs in August.
Business confidence, though still positive, is starting to wane.
“The decreasing optimism came as somewhat of a surprise in an economic environment that appears very healthy in Colorado,” said Richard Wobbekind, executive director of the Business Research Division, referring to overall growth in GDP, employment, income and exports.
The latest available data from the Bureau of Economic Analysis shows the Colorado economy grew at 4.5 percent in the first three months of the year, outperforming most of the country. The information and mining sectors had the fastest clips.
Urban areas are still outpacing rural areas, with 2.4 percent job growth, though rural areas have accelerated from 1.2 percent to 1.8 percent since the beginning of 2017.
The Colorado building boom is also keeping a steady pace. Building permits through the first eight months of the year are up 2.8 percent compared to the same stretch last year. Home prices grew at the fifth-fastest pace in the country according to the second quarter Federal Housing Finance Agency Purchase Only Index.
