Employment is expected to continue to grow and wages move higher in Colorado during 2018, according to the latest analysis of business filings in the state.
“I expect 2018 to be a good year for Colorado businesses and consumers,” said Wayne Williams, secretary of state.
The business research division of 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 fourth quarter of 2017, 27,098 new business filings were recorded. That’s a seasonal decrease of 4.5 percent from the third quarter, but a 9.4 percent increase over the fourth quarter of 2016.
For all of 2017, 117,648 new business filings were recorded for a 7.4 percent increase over 2016.
A total of 125,480 businesses renewed their filings during the fourth quarter of 2017, a nearly 1.4 percent decrease from the third quarter, but a 5.2 percent increase over the fourth quarter of 2016.
For all of 2017, 515,938 existing entity renewals were recorded for a 5.8 percent increase over 2016. The number of entities in good standing in Colorado increases to a record 674,976 in 2017.
“Year-over-year increases in new entity filings and existing entity renewals have me very optimistic that Colorado’s steady economic growth will continue in 2018,” Williams said.
As employment continues to increase, wages are expected to increases as well, said Richard Wobbekind, executive director of the business research division of the Leeds School of Business. “This is something we expect in tight labor markets — and Colorado is certainly in a tight labor market.”
For December, the latest month for which estimates are available, the statewide seasonally adjusted unemployment rate stood at 3.1 percent. Over the past year, nonfarm payrolls have increased 53,200.
According to the latest information available from the U.S. Bureau of Labor Statistics, wages per employee increased 3.9 percent across Colorado during the second quarter of 2017.