Colorado Secretary of State
|STATE OF COLORADO
Department of State
Denver, CO 80290
Secretary of State
Deputy Secretary of State
|FOR IMMEDIATE RELEASE
May 8, 2013
Gessler releases first quarter business and economic indicators report predicting continued employment growth
Increased business filings indicate continued positive growth
Denver, Colorado - Colorado Secretary of State Scott Gessler today released the Quarterly Business and Economic Indicators Report (PDF) for the first quarter of 2013. Based on increased business filings, the report predicts sustained employment growth in the near term.
"During the first quarter, new business filings increased more than thirteen percent compared to the same time last year,” Secretary Gessler said. “Because new business filings are a strong indicator of future employment, this bodes well for Colorado’s economic outlook in the near future."
"The growth in new business filings is particularly impressive in an environment of national and international uncertainty. The fact that Coloradans are moving ahead with their business formation decisions supports the notion that job growth will continue," CU Professor Rich Wobbekind said.
The quarterly report is based on an analysis that found a strong correlation between new entity filings and total nonfarm employment. First quarter figures show new entity filings increased 13.6 percent compared to the previous year. The 25,676 new business filings are the highest number of first quarter new entity filings on record. Existing entity renewals are also up compared to the prior year. Today’s release covers filing data from January through March.
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 is prepared over the next month. The report is then released on the second Wednesday of the following month. The report covering second quarter 2013 will be released on August 14, 2013.
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