Secretary Williams releases final 2017 business report
DENVER, Jan. 23, 2018 -- New business filings in Colorado grew almost 10 percent year-over-year in the fourth quarter of 2017, according to the latest report analyzing Colorado Secretary of State data.
The report shows that over the last 12 months 117,648 new businesses filed with the Secretary of State's office.
"Year-over-year increases in new entity filings and existing entity renewals have me very optimistic that Colorado’s steady economic growth will continue in 2018," Secretary Williams said. "I expect 2018 to be a good year for Colorado businesses and consumers."
The Quarterly Business and Economic Indicators Report also shows residential construction increased more than 30 percent, while home prices in Colorado grew at the sixth-fastest pace nationally.
"Given the relationship between new business filings, new business formation, and employment growth, the increase in filings points to job growth in the state for the near term in 2018," according to the report.
According to the Bureau of Labor Statistics, 148,000 jobs were added nationally in December 2017, a slowdown from the prior two months of strong growth.
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.
"Colorado exhibited stronger wage growth through the first half of 2017,” said Richard Wobbekind, Executive Director of the Business Research Division. “This is something we expect in tight labor markets—and Colorado is certainly in a tight labor market with a sub-3% unemployment rate.”
The Quarterly Business & Economic Indicators Report looks at a variety of factors, such as energy costs, the labor market, and inflation. Through the end of 2017, GDP, employment, and wages all increased while the unemployment rate in December remained at 4.1 percent for the third consecutive month.
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