Colorado business leaders are more upbeat about the next six months, pushing to record heights an index based on their assessments of the economy, sales and other factors.

“It will still take many months for the jobs lost during the COVID-19 pandemic to come back to Colorado. But these latest findings suggest that we’re headed in the right direction,” said Richard Wobbekind, senior economist at the Leeds School of Business at the University of Colorado at Boulder.

The Leeds Business Confidence Index rose 16.5 points to 64.4 for the second quarter.  The reading moved even higher to 68.8 for the third quarter, the highest overall score in the 19-year history of the index.

At this time a year ago, the index tumbled to a record low 29.7.

The business research division at the Leeds School of Business calculates the index based on the results of quarterly surveys of business leaders across the state and industry sectors. Readings above 50 reflect more positive than negative responses.

Business leaders responding to the survey upon which the second quarter results said their optimism was based on the pace of COVID-19 vaccinations and easing social distancing restrictions.

Still, nonfarm payrolls remain 156,700 below employment levels of February 2021.

 All six of the metrics the index tracks increased for the second quarter, and all to levels above 50.

Confidence in the Colorado economy jumped 21.4 points to 68.3. A total of 73 percent of respondents predicted moderate or strong increases in the state economy, while 19.4 percent expected no change and 7.6 percent anticipated moderate or strong decreases.

Confidence in the national economy rose 22.2 points to 65.7 with 67.3 percent of respondents predicting moderate or strong increases, 21.2 percent no change and 11.6 percent moderate or strong decreases.

Sales expectations rose 16 points to 67.5 with 72.7 percent of respondents anticipating moderate or strong increases, 18.7 percent no change and 8.7 percent moderate or strong deceases.

Profit expectations rose 14.4 points to 63.1 with 61.9 percent of respondents predicting moderate or strong increases, 26.3 percent no change and 11.9 percent moderate or strong decreases.

Hiring expectations rose 11.9 points to 61.8 with 51 percent of respondents forecasting moderate or strong increases in staffing, 40.3 percent no change and 8.7 percent moderate or strong decreases.

Expectations for capital expenditures increased 13.1 points to 59.9 with 47.5 percent of respondents anticipating moderate or strong increases, 43.2 percent no change and 9.3 percent moderate or strong decreases.