The quarterly economic indicators report from the secretary of state’s office on Wednesday found that Colorado’s economy outpaced that of the country in many areas, although new business filings were lower compared to the last quarter of 2018.
In the fourth quarter of 2019, 28,371 new corporations, nonprofits and other entities filed with the state, representing a 0.4% decrease from the previous year. At the same time, Colorado’s economy added 56,600 jobs over the past year, and wages were approximately $2,100 higher than the national average.
“Colorado’s economy is still strong,” said Secretary of State Jena Griswold. "With business leaders’ confidence improving, indications point to Colorado’s economy staying strong in 2020."
The Leeds Business Research Division at the University of Colorado prepared the report. Researchers examined gasoline prices, inflation and foreclosures, among other economic measures. The report also found that building permits across the state decreased by 7.4% from the previous year, in part due to slightly fewer people moving to Colorado.
“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 the division.
Colorado’s unemployment rate is at a historic low of 2.5%. The report forecast a more modest growth in the economy in 2020 compared to previous years.