New business filings accelerated in the first quarter of the year, pointing to a strong economy with a potential for more jobs in 2018, according to a University of Colorado Boulder report released today by Colorado Secretary of State Wayne W. Williams.
The report – prepared by the Business Research Division at the Leeds School of Business using data from the Secretary of State’s business registry – looks at several metrics, including new business filings, business renewals, construction and the unemployment rate, both in Colorado and nationally.
The Secretary of State’s Q1 2018 Indicators Report shows a robust Colorado economy.
New entity filings rose 9.9 percent year-over-year to 35,672, pointing to near-term job growth in 2018, according to Business Research Division Executive Director Richard Wobbekind.
That would complement the 63,400 jobs the Bureau of Labor Statistics (BLS) estimates Colorado added in February.
“Based on the filings and employment data, Colorado isn’t slowing quite as quickly as we initially believed,” Wobbekind said.
“I am pleased to see Colorado’s economy begin 2018 in such a strong and stable position,” Secretary Wayne Williams said. “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.”
Existing business entity renewals increased to 148,528 (a 6.2 percent increase year-over-year). Entities in good standing increased to a record 677,537.
Wages also appear to be rising in Colorado. The latest BLS data show year-over-year total wages rose 4.8 percent in the third quarter of 2017.
Inflation, however, rose as well. 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, and home prices continue to rise. Home prices in Colorado grew at the sixth-fastest pace nationally (9.8 percent), according to the Q4 Federal Housing Finance Agency All Transaction Index.