Employment is expected to continue to grow and wages move higher in Colorado, according to the latest analysis of business filings in the state.
“I am pleased to see Colorado’s economy begin 2018 in such a strong and stable position,” said Wayne Williams, secretary of state. “We continue to see low unemployment, higher average wages and increasing numbers of new businesses forming in Colorado. I am very encouraged by this report and share in Colorado business leaders’ optimism for our second and third quarter.”
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 first quarter of 2018, 35,672 new business filings were recorded. That’s a 9.9 percent increase over the first quarter of 2017.
In addition, existing business entity renewals increased to 148,528 — a 6.2 percent increase year-over-year. Entities in good standing rose to a record 677,537.
“Based on the filings and employment data, Colorado isn’t slowing quite as quickly as we initially believed,” said Richard Wobbekind, executive director of the business research division of the Leeds School of Business.
Wages also appear to be rising in Colorado. The latest federal data show year-over-year total wages rose 4.8 percent in the third quarter of 2017.
Inflation rose as well, though. The Denver-Boulder-Greeley index shows prices increased 3.7 percent in the second half of 2017.
Building permits are up, with residential construction in February increasing 9.5 percent year-over-year across the state.
Home prices in Colorado increased 9.8 percent — the sixth-fastest pace nationally — according to the Federal Housing Finance Agency All Transaction Index for the fourth quarter.