New business filings exhibited strong growth year-over-year in the second quarter of 2017, raising future employment expectations, released today by Colorado Secretary of State Wayne Williams.
The report鈥攑repared by CU Boulder鈥檚 at the using data from the secretary of state鈥檚 business registry鈥攍ooks at a variety of metrics, including new business filings, business renewals, construction and the unemployment rate, both in Colorado and nationally.
Based on data from the Bureau of Labor Statistics, differences in employment growth between the urban and rural parts of the state are noted. Job growth in communities outside of the metropolitan statistical areas are lagging. However, most of the state鈥檚 economic indicators showed strong growth year-over-year in the second quarter, and Colorado is expected to continue to adding jobs throughout 2017. Total new entity filings increased 5.9 percent year-over-year while decreasing 8.4 percent compared to last quarter, indicative of normal seasonal slowdown.
"New entity filing continued an upward trajectory, which is good news for our state,鈥� said Secretary of State Wayne Williams. 鈥淭here are now nearly 650,000 business entities in good standing filed with our office.鈥�
Over the 12 months ending in the second quarter of 2017, a total of 113,949 new business filings were recorded, which bodes well for future job growth in the state. Entities in good standing reached 647,246 in the second quarter, an increase of 6.1 percent year-over-year.
鈥淎t this time, the national economy appears poised to continue the third longest expansion in U.S. history,鈥� said Richard Wobbekind, executive director of the Business Research Division. 鈥淲e see few warning signs that could derail this trajectory over the next year. Colorado's economy is still holding strong."
Overall, business leaders remain bullish on Colorado鈥檚 economy, with听confidence remaining in positive territory ahead of the third and fourth quarter of this year.
