Growth is expected to continue in Colorado, according to the latest analysis of business filings in the state.
For the third quarter, 31,014 new business filings were recorded with the secretary of state’s office, an increase of 9.3 percent over the same quarter last year. A total of 136,752 existing businesses renewed registrations, a gain of 7.5 percent.
There were more filings for business dissolutions in the third quarter, a year-over-year increase of 10.4 percent to 7,393.
But the overall number of business in good standing in Colorado rose to 711,818, an 8.5 percent increase to a record level.
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 about new businesses registering with the office and existing businesses renewing registrations.
The latest gains portend continued growth as well as higher wages, said Wayne Williams, secretary of state. “It is very encouraging to see Colorado exceed national averages in both total wages and wages per employee. Salaries are an important factor in attracting skilled and talented employees to Colorado businesses for sustained economic growth.”
According to the U.S. Bureau of Economic Analysis, the Colorado economy grew 4.5 percent during the first quarter of 2018, with the biggest gains in the information and mining sectors.
While urban areas continue to lead the way in job growth in Colorado with a 2.4 percent increase, the pace of job growth in rural areas has accelerated from 1.2 percent to 1.8 percent since the beginning of 2017.
Building permits are up as well, increasing 2.8 percent through the first eight months of the year compared to the same span last year. Home prices in Colorado grew at the fifth-fastest pace nationally — according to the Federal Housing Finance Agency Purchase Only Index.
Business confidence has waned heading into the fourth quarter but remains positive overall, according to the latest results of a quarterly survey of Colorado business leaders.
“The decreasing optimism came as somewhat of a surprise in an economic environment that appears very healthy in Colorado,” said Richard Wobbekind, executive director of the research at the Leeds School of Business.