Colorado is continuing a years-long trend of adding new businesses, but at a slower rate, according to a University of Colorado Boulder report released Aug. 8 by Secretary of State Jena Griswold.
The quarterly report, prepared by the Leeds Business Research Division at CU Boulder, marked nearly 32,000 new corporations, nonprofits and other entities filing initial documents with the secretary of state’s office in the second quarter of 2019. The 0.6 percent increase over the second quarter of last year reflects a slowing pace of initial filings, according to a news release from CU Boulder.
Existing entity renewals showed a moderate increase year-over-year, with 135,848 filings, according to the release.
Overall, the report indicates employment growth will continue in the third and fourth quarters of the year, the release states.
“Colorado’s economy is performing well despite slower growth nationally,” Griswold said. “Employment in our state continues its upward trend, and we hope to see continued growth in the next two quarters.”
The number of businesses in good standing with the state continues to increase as well, up 5.6 percent year-over-year, according to the release.
Colorado’s average wages, according to Bureau of Labor Statistics data, continue to outpace the nation at $58,942 annually 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,” said Brian Lewandowski, associate director of CU Boulder’s business research division. “Despite this, the state continues to be among the leading growth economies nationally.”
Building permits in Colorado decreased 11.3 percent over the last 12 months, according to Census Bureau data, hampered by a 22.9 percent decrease in the first five months of 2019. The latest home price data from the Federal Housing Finance Agency Purchase Only Index shows the state grew 4.8 percent in the first quarter of 2019, marking the 28th fastest home price growth nationally, according to the release.