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State Notes New Business Filings/Growth for 2nd Quarter

Secretary of State, Wayne Williams

 

DENVER, July 20, 2018 – Business entities in good standing in Colorado reached a record 688,986 in the second quarter of the year, according to data from the Colorado Secretary of State’s office. 

Over the last year ending in June, 122,713 new business filings were recorded, with 31,572 coming in the second quarter. Over the same year, existing entity renewals increased to 132,874 – a 7.7 percent increase. 

“This combination of new entity formation growth and existing entity growth, along with positive trending in employment, wages, and building permits, leaves Colorado in a very favorable position as we move into the second half of 2018,” Secretary of State Wayne Williams said. 

The business research division at the University of Colorado Boulder publishes the Quarterly Business & Economic Indicators 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. 

“Business filings continue to surprise, mirroring a general acceleration in economic activity in the state,” said Richard Wobbekind, executive director of the business research division at the University of Colorado Boulder. 

Additionally, Colorado’s labor force participation rate increased 2.1 percentage points, and is now 6 percentage points above the United States’ national average. 

According to the United States Bureau of Labor Statistics, approximately 213,000 jobs were added nationally in June 2018, a slight decrease from earlier in the year when the national employment growth averaged 215,000 jobs each month. Colorado was recorded as having added approximately 72,800 jobs year-over-year.

 

Filed Under: Consumer IssuesCountyEconomyFeatured

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