BOULDER and DENVER — New business filings and renewals have slowed in Colorado, which likely means a slowdown in job growth for 2020.

The Business Research Division at the University of Colorado Boulder Leeds School of Business and the Colorado Secretary of State released the fourth quarter business and economic indicators report today. While still strong, the report characterized the Colorado economy as slowing as the new year gets underway.

The latest report shows that 28,371 new corporations, nonprofits and other entities filed initial documents with the secretary of state’s office in the final quarter of 2019. That marks a 0.4 percent decline from the fourth quarter of 2018.

Existing-entity filings declined 1.1 percent year-over-year, with 132,754 entities filing renewals.

“While growth has slowed slightly the last two quarters, Colorado’s economy is still strong,” Secretary of State Jena Griswold said in a note accompanying the report. “With optimism from business leaders on the rise, indications point to Colorado’s economy staying strong in 2020. 

Fourth-quarter dissolution filings increased 4.9 percent from the fourth quarter of 2018. They jumped 20.4 percent from the previous quarter.

Entities in good standing increased 6.6 percent from the previous year’s fourth quarter. At the end of 2019, there were 751,810 entities in good standing — including corporations, limited liability corporations, nonprofits, and entities of all types.

“The slowing growth in new entity filings is consistent with the slower growth observed in both firms and employment in the state,” said Richard Wobbekind, executive director of Leeds research division.

Colorado’s economy continues to grow, with Colorado adding 56,600 jobs from December 2018 to November 2019, or 2.1 percent. The professional and business services category of jobs increased the most, while jobs in natural resources and mining increased the least, the report said.

This latest report shows wages about $2,100 higher than the national average.

However, there are other signs of slowing.

Building permits decreased 7.4 percent annually across Colorado, according to the report. The value of new residential construction decreased 3.8 percent annually. Leeds attributed the declines to increasing mortgage interest rates and a slowing from previous quarters of migration to the state.