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Gessler releases third quarter economic indicators report
Denver, Colorado, October 22, 2014 - Colorado Secretary of State Scott Gessler today released the Quarterly Business and Economic Indicators Report for the third quarter of 2014 (PDF). With new business filing fees just $1 during a fee holiday, the third quarter saw a record increase in new business filings. Employment is projected to continue expanding in the final quarter of 2014 and the first quarter of 2015.
"Our fee holiday focused on encouraging entrepreneurs and small businesses to take the first step to starting their business," Secretary Gessler said. "This report speaks to the entrepreneurial spirit of Coloradans as they put their ideas into the marketplace."
During the third quarter, a total of 27,640 new businesses filed with the Secretary of State's office—an increase over the previous quarter and an increase over the same time period last year.
"The increase in virtually all categories of filings supports the sustained growth currently observed in the economy and forecasted for the next two quarters," said Richard Wobbekind of the Leeds School of Business.
The quarterly report is based on an analysis that found a strong correlation between new entity filings and total nonfarm employment. Colorado recorded 99,297 new entities during the last 12 months ending in September—a 10.7 percent increase over the previous twelve months. At 108,704 for the third quarter, existing entity renewals rose 7.1 percent compared to the same period in 2013. The greatest increase in existing entity renewals was in domestic limited liability companies. The third quarter finished with 554,418 total entities in good standing in the business registry, a 2.9 percent increase over the prior quarter and a 6.6 percent increase over the same time in 2013.
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.
