Williams releases third quarter Economic Indicators Report

DENVER, November 10, 2016 -- Colorado Secretary of State Wayne Williams today released the Quarterly Business and Economic Indicators Report for the third quarter of 2016. During the third quarter, new business filings and existing entity renewals both increased versus the prior year.

"Several months ago our office was excited to surpass a record of 600,000 business entities in good standing," Secretary Williams said. "I'm happy to report that business formation continues to accelerate beyond that number."

In the three-month period ending in September, there were 119,385 business entity renewals, an increase of 4.1 percent compared to the third quarter of 2015. Limited liability companies once again drove year-over-year growth in entities in good standing.

"This data confirms that Colorado is likely to see continued, moderate employment growth into 2017," said economist Richard Wobbekind, executive director of CU Boulder's Business Research Division.

During the third quarter, a total of 27,008 new business filings were recorded with the Secretary of State's office, a decrease from the second quarter of 2016 but an increase of 7.3 percent over the prior year. Colorado recorded 108,068 new entities during the twelve months ending in June - a 5.2 percent increase over the previous twelve months. The third quarter finished with 619,477 total entities in good standing in the business registry, a 5.4 percent increase over the prior year.

The Quarterly Business and Economic Indicators Report uses data from the Secretary of State's central business registry and is published by the Business Research Division at the Leeds School of Business, University of Colorado Boulder.

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