Colorado payrolls should continue to grow at a modest pace, according to the latest results of a quarterly analysis of business filings in the state.
“This data confirms that Colorado is likely to see continued moderate employment growth into 2017,” said Richard Wobbekind, executive director of the business research division of the Leeds School of Business at the University of Colorado in Boulder.
The division prepares quarterly reports based on information from the Colorado Secretary of State’s Office about new businesses registering with the office and existing businesses renewing their paperwork.
A total of 27,008 new business filings were recorded during the third quarter. That’s a decrease from the second quarter, but a 7.3 percent gain compared to the third quarter of 2015.
A total of 119,385 existing business filings also were recorded during the third quarter of 2016, a 4.1 percent increase over the same period last year. Limited liability companies once again drove year-over-year growth in business entities in good standing.
At the end of the third quarter, 619,477 businesses were in good standing in Colorado, a 5.4 percent increase over the prior year.
“Several months ago, our office was excited to surpass a record of 600,000 business entities in good standing. I’m happy to report that business formation continues to accelerate beyond that number,” said Wayne Williams, Colorado secretary of state.
For the 12 months ending in June, 108,068 new businesses were recorded in Colorado, a 5.2 percent increase over the previous 12-month period.
The report also noted the latest results of a quarterly survey found that Colorado business leaders remained confident overall going into the fourth quarter and were even more upbeat about the first quarter of 2017. Survey results revealed more positive than negative responses among business leaders for five of six metrics, including capital expenditures, earnings, economic conditions, hiring and sales.