Williams Releases First Quarter Economic Indicators Report
DENVER, April 23, 2015 – Colorado Secretary of State Wayne Williams today released the Quarterly Business and Economic Indicators Report for the first quarter of 2015. The first quarter saw growth in new business filings, existing entity renewals, trademarks, and trade names year-over-year. Employment is projected to continue expanding in the second and third quarters of 2015, but at a slightly slower pace.
“Coloradans continue to drive our economy upward by adding their ideas to the marketplace,” Secretary Williams said. “Our small businesses are the lifeblood of our communities and their growth is encouraging.”
The first quarter of 2015 saw a record high existing entity renewals, examining data going back to 1990. In the three-month period ending in March, there were 126,282 business entity renewals, an increase of 6.9% over the last year and a compound annual growth rate of 4.8% over the past five years. The greatest increase in existing entity renewals was once again in domestic limited liability companies.
“Despite a drop in employment in Colorado from February to March, other indicators continue to point to a very healthy economy,” said economist Richard Wobbekind, executive director of CU-Boulder’s Business Research Division. “While new business filings remain impressive, the employment outlook is dampening slightly for 2015.”
During the first quarter, a total of 28,115 new businesses filed with the Secretary of State’s office, an increase over the fourth quarter of 2014 and a 6% increase over the prior year. Colorado recorded 103,719 new entities during the 12 months ending in March—a 15.7 percent increase over the previous twelve months. The first quarter finished with 571,386 total entities in good standing in the business registry, a 7% increase over the prior year.
Published by the Business Research Division at the Leeds School of Business, University of Colorado Boulder, the Quarterly Business and Economic Indicators Report uses data from the Secretary of State’s central business registry.
