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Colorado Consumers Showing More Optimism, Latest Economic Report Shows
Denver, February 27, 2024 - Consumers are starting to show more optimism in the economy, according to the latest Economic Indicators Report (PDF) released today by the University of Colorado Boulder and Colorado Secretary of State’s office.
“I am focused on supporting economic opportunity for all Coloradans. Our state remains one of the best places to start and maintain a business, and I am proud to report that all signs point to Colorado’s economy remaining strong,” said Secretary of State Jena Griswold.
“Colorado’s economy continued to record strong economic performance in 2023, setting a solid foundation for 2024,” said Brian Lewandowski, Executive Director of the CU Business Research Division.
The latest report for the fourth quarter of 2023 shows that Colorado recorded 40,987 new entity filings, a 6.6% drop from the previous quarter. Seasonal drops in Q4 are expected and stayed within seasonal averages in 2023. The year-over-year decline was steeper, -16%, which was due to the normalization in filings following the temporary reduction in fees initiated July 1, 2022.
Business renewals increased over the year but decreased from last quarter. There were 174,740 renewals in Q4 2023, an increase of 2.1% year-over-year but a decrease of 0.6% over the previous quarter. Businesses in good standing and dissolutions both saw an increase.
Job growth in Colorado remains resilient, continuing slower, but steady growth. Colorado’s unemployment rate for December 2024 came in at 3.4%, compared to a national rate of 3.7% posted in January 2024.
Inflation also continues to improve, with small fluctuations at the state and national level. The Consumer Price Index in the Denver-Aurora-Lakewood region increased 3.5% (not seasonally adjusted) year-over-year in January 2024. Core inflation (all items less food and energy) increased 4.1% in the Denver region. The national Consumer Price Index (U.S. City Average) increased 3.1% year-over-year. National inflation has now remained below 4% for eight consecutive months through December 2023.
You can find monthly information on key economic statistics and trends that impact the state on the Colorado Business and Economic Indicator Dashboard, launched by the Colorado Secretary of State's office in conjunction with BRD.
The Quarterly Business and Economic Indicators report is prepared by the Leeds Business Research Division (BRD) at CU Boulder in conjunction with the Colorado Secretary of State’s Office.
