Gessler releases second quarter economic indicators report projecting further employment growth

New business filings and total business registrations grew in Q2

Denver, August 14, 2013 – Colorado Secretary of State Scott Gessler today released the Quarterly Business and Economic Indicators Report for the second quarter of 2013 (PDF). Based on increased business filings, the report again projects sustained employment growth in the near-term.

“Colorado small business owners and entrepreneurs appear to be getting back in the game and registering new businesses,” Secretary Gessler said. “As more of these business leaders hang out their shingles, past trends indicate more jobs for Colorado.” 

During the second quarter, new business filings increased by six percent compared to the same time last year.

“Colorado and national economic metrics are pointing to a sustained recovery, and the business filings data suggest further employment recovery in the months ahead” says Leeds School of Business economist, Richard Wobbekind.

The quarterly report is based on an analysis that found a strong correlation between new entity filings and total nonfarm employment. With 21,470 new business filings in the second quarter, new entity filings increased 6.0 percent compared to the previous year. Existing entity renewals are also up compared to the prior year. The second quarter finished with 513,063 total entities in good standing in the business registry, an increase of nearly ten percent over the previous year.

The Quarterly Business and Economic Indicators report is published by the Business Research Division at the Leeds School of Business, University of Colorado Boulder, using data from the Secretary of State’s central business registry. Following the close of the quarter, the data are analyzed and the report prepared over the next month. The report is then released on the second Wednesday of the following month. The report covering third quarter 2013 will be released on November 13, 2013 representing filing data from April through June.

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