Fourth quarter economic indicators report projects near-term employment growth
New business filings grew in Q4, leading to a record high
Denver, Colorado, February 12, 2014 - Colorado Secretary of State Scott Gessler today released the Quarterly Business and Economic Indicators Report for the fourth quarter of 2013 (PDF). Based on increased business filings, the report again projects sustained near-term employment growth. The report also indicates Colorado reached a new employment peak during December 2013.
"We've focused our attention on making it easy to get your new business started," Secretary Gessler said. "And Colorado businesses are doing just that- getting started. Good news for job seekers is that new jobs should follow."
During the fourth quarter, a total of 20,829 new businesses filed with the Secretary of State's office- an increase of 0.1 percent compared to the same time last year.
"There are fewer risks facing the Colorado economy, and confidence points to further growth in 2014. Colorado is poised to be one of the fastest growing states in the nation," said Leeds School of Business economist, Richard Wobbekind.
The quarterly report is based on an analysis that found a strong correlation between new entity filings and total nonfarm employment. Colorado recorded 90,291 new entities during 2013- a 6.1 percent increase over the previous twelve months. At 102,260 for the fourth quarter, existing entity renewals are also up 8.9 percent compared to the same period in 2012. The fourth quarter finished with 525,274 total entities in good standing in the business registry, an increase of 5.2 percent over the previous year.
The Quarterly Business and Economic Indicators Report is published by the Business Research Division at the Leeds School of Business, University of Colorado Boulder, using data from the Secretary of State's central business registry. Following the close of the quarter, the data are analyzed and the report prepared over the next month. The report is then released on the second Wednesday of the following month. The report covering first quarter 2014 will be released on May 14, 2014 representing filing data from January through March.
