Colorado's economy is outperforming most of the country
DENVER, Oct. 15, 2018 -- Colorado's economy continues to be among the best in the country, according to a business report released today by Secretary of State Wayne Williams.
Personal income, wages, GDP, job creation and entity filings all continued to increase throughout the third quarter of 2018. The quarterly business and economic indicators report predicts continued growth into the final quarter of this year and into next.
"It is very encouraging to see Colorado exceed national averages in both total wages and wages per employee," Secretary Williams said. "Salaries are an important factor in attracting skilled and talented employees to Colorado businesses for sustained economic growth."
Data from the Bureau of Labor Statistics shows that average Colorado wages totaled $57,436 compared to $55,928 nationally. Last month, Colorado reached its lowest number of jobless claims in over 10 years.
New business entity filings increased 9.3 percent over last year. Given the relationship between new business filings new business formation, and employment growth, the increase in filings points to continued strong job growth in the state for the remainder of 2018 and into 2019.
The number of new business filings with the Secretary of State's office was 31,014 over the third quarter and business renewals were 136,752, both strong increases compared to the same period in 2017.
The business research division at the University of Colorado Boulder publishes the report using data from the Secretary of State’s central business registry. The report looks at a variety of factors, such as energy costs, the labor market and inflation.
Richard Wobbekind, executive director of the Business Research Division, said, “The decreasing optimism came as somewhat of a surprise in an economic environment that appears very healthy in Colorado,” referring to overall growth in GDP, employment, income, and exports.
Businesses in good standing continue to set records --711,818-- the highest in Colorado's history. Over the past five years, the number of entities in good standing has increased at a compound annual growth rate of 6.5 percent.
