New business filings drop in Colorado

Although new business formation has slowed in Colorado, job growth is expected to continue in the first half of 2016.

A total of 23,306 new business entity filings were recorded with the secretary of state’s office during the fourth quarter of 2015. That’s down  nearly 7.4 percent from the third quarter, but about even on a year-over-year basis. A total of 102,670 new entity filings were reported for all of 2015.

The Leeds School of Business at the University of Colorado in Boulder uses information from the secretary of state’s office to report correlations with economic metrics, including employment.

“Based on the economic growth in Colorado and the initial filings, we see continued, but slower employment growth in the state in the first half of 2016,” said Richard Wobbekind, executive director of the research division at the Leeds School of Business.

Existing business entity renewals totaled 113,849 during the fourth quarter of 2015. That’s down less than 1 percent from the third quarter, but up 5.6 percent over the fourth quarter of 2014. For all of 2015, existing entity renewals climbed to 463,642.

A record 601,588 business entities were considered in good standing in Colorado during 2015, a 5.5 percent increase over the previous year.