The worst of the economic fallout from global pandemic might be behind the state, according to a new report by the Leeds Business Research Division at the University of Colorado Boulder.

Colorado’s unemployment rate was 10.5% in June, down from a peak of 12.2% in April, and optimism among business owners is starting to look up, though it still remains negative overall, according to the latest Leeds Business Confidence Index.

The Secretary of State’s office reported that new entities filing to begin declined 1.7% compared to last year compared to a 7.8% lag in the first quarter.

Colorado’s oil and gas industry faced a deep decline – down 81% from last year.

Meanwhile, entities in good standing, trademarks and trade names are up compared to last year, “reflecting a solid base in the state economy,” CU stated.

“From people falling sick to a 10.5% unemployment rate, Coloradans continue to be impacted by COVID-19,” Secretary of State Jena Griswold said in a statement about the report. “Although there are some positive signs, economic recovery is dependent on the management of the virus.”

Dissolution filings increased 5.2% year-over-year.

“The strong results for existing entities show Colorado is better positioned for a recovery than many other states might be,” stated Richard Wobbekind, senior economist and faculty director of the Leeds Business Research Division. “Though a recovery could be a long and slow journey.”

Read the full report by clicking here.