Colorado’s business entity filings increased and wages continued to see growth through the second quarter, according to the latest Quarterly Business and Economic Indicators report released by Secretary of State Jena Griswold today.
During the second quarter of 2019, 31,762 new business entities filed with the Secretary of State’s office, an increase over the same period the prior year. There were 135,848 business renewals, which is also an increase over the prior year. Currently, there are over 727,000 Colorado businesses in good standing, an increase compared to last quarter and a record for Colorado.
The Business Research Division at the University of Colorado Leeds School of Business compiles the report using data from the Secretary of State’s central business registry. The report looks at a variety of factors, such as energy costs, the labor market, and inflation.
“Colorado’s economy is performing well despite slower growth nationally,” said Secretary Jena Griswold. “Employment in our state continues its upward trend, and we hope to see continued growth in the next two quarters.”
In June 2019, Colorado added 52,800 jobs, a growth of 1.9 percent. Employment growth is projected to remain steady for the remainder of the year. Data from the Bureau of Labor Statistics shows that Colorado average wages totaled $58,942 compared to the national average of $57,265.
“The slower growth in new business filings is consistent with generally slower growth we are observing in other parts of the economy,” according to Brian Lewandowski, Associate Director of the Business Research Division. “Despite this, the state continues to be among the leading growth economies nationally.”
Business leaders in Colorado feel neutral about the business outlook for the rest of the year, according to the latest Leeds Business Confidence Index. The Confidence Index did indicate a positive outlook about other industry measures like industry profits, the state economy, industry sales, hiring, and capital expenditures.