New businesses continue to open in Colorado, but at a slower pace, according to the latest analysis of business filings.
For the fourth quarter of 2018, 28,473 new entity filings were recorded with the secretary of state’s office, and 134,220 existing entities renewed registrations.
“Despite some uncertainty at the national level, the data shows Coloradans continue to open new businesses. I am optimistic that this, along with the projected increase in employment, indicates that Colorado will have steady economic growth in 2019,” said Jena Griswold, secretary of state.
The research division of the Leeds School of Business at the University of Colorado at Boulder prepares quarterly reports based on information from the secretary of state’s office.
The latest gains portend economic and job growth, said Richard Wobbekind, executive director of the research division. “Data from the prior four quarters about new entity filings and existing entity renewals indicate continued growth in Colorado’s labor market in 2019.”
For the fourth quarter, new entity filings were down 8.2 percent from the third quarter, but up 5.1 percent from the fourth quarter of 2017. Business renewals similarly were down from the third quarter, but up 7 percent from a year ago.
At 8,164, there were more dissolution filings in the fourth quarter than the third quarter, but slightly more than a year ago.
The overall number of businesses in good standing in Colorado stood at 705,311 in the fourth quarter, a 6.1 percent increase over last year.
According to the latest numbers from the Colorado Department of Labor an Employment, nonfarm payrolls grew 75,000 during 2018, with the biggest gains in the professional and business services; leisure and hospitality; and trade, transportation and utilities sectors. The statewide seasonally adjusted unemployment rate increased a half point over the year to 3.5 percent in December as the number of people looking for work exceeded those reporting themselves as employed.
According to the latest information from the U.S. Bureau of Economic Analysis, the Colorado economy grew 3.5 percent between the second quarter of 2017 and second quarter of 2018.
The latest results of a quarterly survey conducted by the Leeds School of Business indicated Colorado business leaders remained upbeat at the start of 2019, but far less so than in recent years.