Report: more businesses, more jobs
Job growth is expected to continue in Colorado, according to the latest quarterly report tracking the establishment of new businesses in the state.
The business research division of the Leeds School of Business at the University of Colorado produces the report using information from the central business registry at the secretary of state’s office.
During the first quarter of 2014, a total of 26,522 new businesses filed with the office — a decrease of just 0.1 percent compared with the same quarter last year.
“The economic metrics are overwhelmingly positive this quarter,” said Richard Wobbekind, executive director of the business research division at the Leeds School of Business. “However, given the slight slip in new business filings in quarter one, we will be paying close attention to the next quarter’s data to see if a downward trend is emerging.”
The quarterly report is based on an analysis that found a strong correlation between new entity filings and total nonfarm employment.
Colorado recorded 89,721 new entities during the 12 months ending in March — a 3 percent increase from the previous year.
At 118,167 for the first quarter, existing entity renewals also were up 7.3 percent compared with the same period in 2013. The first quarter finished with 533,927 total entities in good standing in the business registry, an increase of 5.4 percent from the previous year.
“Coloradans continue to persevere and show their can-do spirit by pursuing the American dream,” said Scott Gessler, Colorado secretary of state. “As these business leaders create jobs, hopefully our employment continues to tick upwards.”