Colorado business leaders are more upbeat heading into the second quarter, according to the latest results of an index tracking their expectations.

The Leeds Business Confidence Index rose 8.4 points to 53.7 for the second quarter of 2024, the first time the overall reading has moved into positive territory since 2022. Readings above 50 reflect more positive than negative responses to the survey upon which the index is based.

Looking ahead to the third quarter, the overall reading slipped seven-tenths of a point, but remained positive at 53.

All six individual components of the index increased between the first and second quarters to above 50.

The business research division of the Leeds School of Business at the University of Colorado calculates the index based on quarterly surveys of  business leaders from across the state and industry sectors.

Expectations for the Colorado economy rose 6.9 points to 54.1. Among the 178 business leaders responding to the survey upon which the second quarter index was based, 38.2 percent expected moderate or strong increases in the economy, 38.8 percent anticipated no change and 23 percent forecast moderate or strong decreases.

Expectations for the national economy rose 4.8 points to 51 percent with 34.8 percent of business leaders expecting moderate or strong increases, 33.7 percent no change and 31.4 percent moderate or strong decreases.

Expectations for sales increased 11.9 points to 57.9, the highest reading for the second quarter among the individual components. While 44.1 percent of leaders anticipated moderate or strong increases in sales, 39.9 percent expected no change and 15.7 percent forecast moderate or strong decreases.

Expectations for profits rose 11.2 points to 56.6 with 41 percent of leaders forecasting moderate or strong increases, 42.7 percent no change and 16.2 percent moderate or strong decreases.

Expectations for capital expenditures rose nine points to 52.2 with 30.9 percent of leaders anticipating moderate or strong increases in capital spending, 50 percent no change and 19.1 percent moderate or strong decreases in spending.

Expectations for hiring increased 5.3 points to 50.1, the lowest reading for the second quarter among the individual components. While 25.8 percent of business leaders expected moderate to strong increases in hiring, 50.6 percent anticipated no change and 23.6 percent forecast moderate or strong layoffs.