Despite a dip in new business filings in the fourth quarter, employment in Colorado is expected to continue to grow, according to the latest business report from the University of Colorado Boulder’s Leeds School of Business.
“A total of 102,670 new business filings were recorded in the 12-month period ending in December,” the report said. “Quarterly existing entity renewals increased for the year to 463,642 for the 12 months ending in December . The number of entities in good standing ticked up 5.5 percent compared to a year prior, to a new record of over 600,000.”
The analysis is that because the state is still creating new businesses — and existing ones are in good standing — 2015’s growth will be mirrored in the first half of this year.
“Quarterly total existing entity renewals were up 5.6 percent year-over-year and up 7.1 percent on a 12-month period ending in December,” said the report.
Other economic indicators:
- Real gross domestic product increased at an annualized rate of 2 percent in the third quarter, after expanding 3.9 percent in the second quarter. According to the Bureau of Economic Analysis, the third quarter increase came from personal consumption, nonresidential fixed investment, state and local government spending, residential fixed investment and exports.
- 851,000 jobs were added in the United States in the fourth quarter of 2015, including 292,000 in December, while unemployment remained at its lowest since April 2008, at 5 percent. Total wages grew by $85.6 billion in the second quarter of 2015, an increase of 5.1 percent for the same time in 2014, according to the Bureau of Labor Statistics.
- Gas prices were down 11.5 percent nationally and 22.6 percent in Colorado from the end of the third quarter to the end of the year.
- Prices increased by 0.4 percent during November from the previous year, while core inflation for everything but food and energy rose 2 percent, according to the Consumer Price Index.
- Colorado added 44,200 jobs from November 2014 to November 2015. According to the Bureau of Labor Statistics, total wages grew by 6.3 percent and wages per employee grew by 3.2 percent for the same time period.
- Colorado’s home prices are growing faster than any other state — an average of 12.4 percent for the year, according to the Federal Housing Finance Agency’s purchase-only index.