The latest analysis of new business filings in Colorado forecasts job growth in the state during the second and third quarters.
A total of 28,115 new businesses registered with the secretary of state during the first quarter of 2015, up 6 percent from the 26,523 filings during the first quarter of 2014, according to a report prepared by the Business Research Division of the Leeds School of Business at the University of Colorado at Boulder.
“Coloradans continue to drive our economy upward by adding their ideas to the marketplace,” said Wayne Williams, secretary of state. “Our small businesses are the lifeblood of our communities, and their growth is encouraging.”
“Despite a drop in employment in Colorado from February to March, other indicators continue to point to a very health economy,” said Richard Wobbekind, an economist and executive director of the Business Research Division. “While new business filings remains impressive, the employment outlook is dampening slightly for 2015.”
The division compiles its quarterly business and economic indicators report using information from the secretary of state’s central business registry. Research indicates a strong correlation between new business filings and nonfarm employment.
Renewals of existing entities spiked during the first quarter of 2015 at a record 126,282, up 17 percent from the 107,838 renewals in the fourth quarter of 2014. Domestic limited liability companies accounted for the greatest increase in renewals among existing entities.
The total number of Colorado entities in good standing climbed to 571,386 in the first quarter of 2015, a 7 percent increase over the same period in 2014.