Secretary Williams: "Our economy remains fundamentally strong"

DENVER, Oct. 13, 2017 -- New business filings in Colorado have grown more than 5 percent over the last year, according to the latest report analyzing Colorado Secretary of State data.

The Quarterly Business and Economic Indicators Report also shows residential construction is poised for a strong finish this year, and positive but lower growth is projected for the first quarter of next year.

"In the short term, Colorado is positioned very well with employment levels projected to increase over the next six months," said Colorado Secretary of State Wayne Williams. "Our economy remains fundamentally strong."

The report shows that over the last 12 months 115,313 new businesses filed with the Secretary of State's office.

"Given the relationship between new business filings, new business formation, and employment growth, the increase in filings points to increased jobs in the state for the remainder of 2017 and into early 2018," according to the report. "However, employment growth is projected to slow next year."

And nationally 33,000 jobs were lost in August and gasoline prices increased in September, largely because of hurricanes, according to the report.

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.

"While Colorado employment will continue to be positive and stronger than the nation, growth in 2018 will be more subdued than in 2017," said Richard Wobbekind, executive director of the Business Research Division. "The low unemployment rate, coupled with slow growth in the primary working-age population, will constrain potential growth."

The Quarterly Business & Economic Indicators Report looks at a variety of factors, such as energy costs, the labor market, and inflation. Through August 2017, home prices in Colorado grew at the third-fastest pace nationally; GDP, employment and wages all increased while jobless claims decreased and the unemployment rate remained at historically low levels.

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