New business registrations in state positive sign for jobs

DENVER – The number of new businesses that registered with the Colorado Secretary of State’s office during the first quarter is a positive sign for continued job growth in the state, according to a study conducted by the University of Colorado-Boulder’s Leeds School of Business.

The Quarterly Business and Economic Indicators Report is published by the Business Research Division at the Leeds school using data from the Secretary of State’s central business registry.

During the first quarter, 26,522 new businesses filed with the Secretary of State’s office – a decrease of only 0.1 percent compared with the same time last year.

“The economic metrics are overwhelmingly positive this quarter,´ said economist Richard Wobbekind, executive director of the Leeds School’s Business Research Division. “However, given the slight slip in new business filings in quarter one, we will be paying close attention to the next quarter’s data to see if a downward trend is emerging.”

The quarterly report is based on an analysis that found a strong correlation between new entity filings and total nonfarm employment.

Colorado recorded 89,721 new entities during the past 12 months ending in March – a 3 percent increase from the previous 12 months, according to the study.

At 118,167 for the first quarter, existing entity renewals also were up 7.3 percent compared with the same period in 2013.

The first quarter finished with 533,927 total entities in good standing in the business registry, an increase of 5.4 percent from the previous year.

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