Colorado’s economy has been in an almost constant upswing for years, showing improvement and growth at an unprecedented rate. Colorado is consistently ranked as a top place to do business and U.S. and World Report recently named Colorado the No.1 state economy in the U.S. It’s no surprise that the state, according to a report by the University of Colorado Boulder and the Colorado Secretary of State, has also shown strong growth in 2017’s third quarter.
The report measures a few economic characteristics, such as the number of new business filings, business renewals, construction and unemployment rate, comparing rates between Colorado and the U.S. as a whole.
A total of 115,313 new business filings in Colorado were recorded in the third quarter, which is an increase of 5.1 percent compared to the third quarter of 2016. Additionally, when adjusted for seasonality, 2017’s third quarter has a 1.2 percent increase over the second quarter. Existing entity renewals have also increased by 6.6 percent year-over year to 127,228, and entities in good standing reached 656,144, an increase of 5.9 percent year-over-year. This is good news for future job growth in 2018.
“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.”
Beyond business growth, GDP, employment and wages have all increased year-over-year, and unemployment claims have reached a historical low of 2.4 percent. Residential construction has also been flourishing as of August 2017, with a 32 percent growth year-over-year. This is a continuing trend for Colorado, where the economy grew 2.6 percent in the fourth quarter of 2016 as compared to 2015, and this May, 62,000 jobs were added year-over-year. Total wages and wages per employee have additionally increased 0.7 percent and 0.9 percent, respectively.
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