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University Of Colorado Boulder: Colorado Business Confidence Remains At Record High
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Colorado Business Leaders Are Feeling Better About Nearly Everything, But Hiring Is Still A Challenge
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While a record 44,740 new businesses and nonprofits filed initial documents with the Colorado Secretary of State in the first quarter of this year, 37,820 businesses filed dissolutions in the past 12 months, according to the Quarterly Business and Economic Indicators report released this week.
The report details the COVID-19 pandemic’s devastating effect on the leisure/hospitality industry, which hemorrhaged 72% of all the jobs lost from February to March 2020, according to the U.S. Bureau of Labor Statistics.
“A year later, the industry continues to face an uphill battle; 46.2% of jobs lost year-over-year are concentrated in the sector,” according to the report prepared by the Leeds Business Research Division (BRD) at CU Boulder and the Secretary of State’s Office.
DENVER, Colo- Colorado business has seen record growth in some areas but is lagging in others, according to a report released today by the University of Colorado Boulder and Colorado Secretary of State Jena Griswold.
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. The latest report shows a record 44,740 new corporations, nonprofits and other entities filed initial documents with the Colorado Secretary of State’s Office in the first quarter of 2021.
First quarter filings tend to record the highest numbers, but the 29.2% increase from the previous quarter demonstrates a spike beyond trend growth. Existing entity renewals also increased just slightly with 173,970 filings, a 1% increase year-over-year.
DENVER Colorado added a record 44,740 new corporations, nonprofits and other entities filed during the first quarter of 2021, but lagged behind the national average in employment.
Initial filings were up 29.2% from the previous period and renewals grew by 1%, a positive sign for the pandemic recovery effort, according to the Quarterly Business and Economic Indicators report from Colorado Secretary of State Jena Griswold and the Leeds Business Research Division at the University of Colorado.
However, nagging unemployment remains a concern. Colorado’s unemployment rate is 6.4%, higher than the 6% national average and good for 34th best in the country.
Also of concern is the record-high 10,658 business dissolutions during the first quarter.
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