Employment growth expectations rose in Q1 2017 due to the acceleration of new business filings in the same period, according to a University of Colorado Boulder report based on data from the Colorado Secretary of State business registry.
Throughout 2017, Colorado will continue to add jobs. Statewide, new entity filings increased by 9.3 percent year-over-year in Q1 2017 and 31 percent over last quarter. For the year ending in December 2016, a total of 112,295 new business filings were recorded. Existing entity filings also improved in Q1, increasing to 497,632 for the four quarters ending Q1 2017. And a new peak was reached in Q1 for entities in good standing, rising 6.1% year-over-year
This robust growth in business filings bodes well for future job growth in Colorado, with expectations for employment levels continuing to be strong. However, future job growth varies from rural to metropolitan areas with rural areas lagging the increase in metropolitan statistical areas.
“The economic conditions in rural Colorado warrant continued monitoring, but the solid growth in most Colorado economic indicators – coupled with the high level of optimism from our business leaders – is very encouraging as we move ahead in 2017,” said Colorado Secretary of State Wayne Williams.
Confidence increased among state business leaders, with Q2 expectations rising to the highest level since Q1 2005. The highest optimism was recorded for the state economy, which also recorded the greatest quarter-over-quarter gains.
“While the indicators are positive, we continue to keep our eye on capacity issues in Colorado,” said economist Richard Wobbekind, executive director of the Business Research Division. “We need to understand how much the low unemployment rate and the availability and affordability of housing may constrain growth in the short term.”
Prepared by CU Boulder’s Business Research Division at the Leeds School of Business, the report looks at Colorado and national data for new business filings, business renewals, construction and the unemployment rate.
About Duane Duggan: Duane Duggan has been a Realtor® for RE/MAX of Boulder in Colorado since 1982 and has facilitated over 2,500 transactions over his career, the vast majority from repeat and referred clients. He has been awarded two of the highest honors bestowed by RE/MAX International: the Lifetime Achievement Award and the Circle of Legends Award. Living the life of a Realtor and being immersed in real estate led to the inception of his book, REALTOR® for Life. Also see his video podcasts about real estate topics on RE/MAX of Boulder’s YouTube channel.
For questions, email Duane at DuaneDuggan@BoulderCo.com or call 303-441-5611