Employment is expected to continue to grow in Colorado through 2017 based on the latest analysis of business filings in the state.
“New entity filing continued an upward trajectory, which is good news for our state,” said Wayne Williams, secretary of state.
The Leeds School of Business at the University of Colorado at Boulder prepares quarterly reports using information from the secretary of state’s office about new businesses registering with the office and existing businesses renewing registrations.
For the second quarter of 2017, 29,728 new entity filings were reported. That’s an 8.4 percent decrease from the first quarter, but a 5.9 percent increase from the second quarter of 2016.
For the four quarters ending in the second quarter of 2017, 113,949 new filings were reported. That’s an increase of 7.3 percent over the same span in 2016.
There were 123,347 renewals for existing businesses during the second quarter of 2017. That’s a seasonal decrease of 11.8 percent from the first quarter, but a 3.5 percent increase over the second quarter of 2016.
The number of businesses in good standing in Colorado increased 6.1 percent on a year-over-year basis from 610,047 for the second quarter of 2016 to 647,246 for the second quarter of 2017.
The fastest pace of employment growth is expected for metropolitan areas in Colorado, while job growth likely will continue to lag in rural areas.
Richard Wobbekind, executive director of the business research division of the Leeds School of Business, said business filings as well as a variety of other indicators continue to signal improving economic conditions in the United States and Colorado.
“At this time, the national economy appears poised to continue the third longest expansion in U.S. history. We see few warning signs that could derail this trajectory over the next year,” Wobbekind said. “Colorado’s economy is still holding strong.”