New business filings in Colorado slowed in growth in the second quarter this year while employment remains strong, according to a report from the Secretary of State’s office.
The office says 31,762 business entities filed with the office in the second quarter. While the number of filings went down from the first quarter of 2019 (35,838), they’re up slightly from the 31,573 business entity filings in the second quarter of 2018.
The numbers were released Thursday in the Secretary of State’s Quarterly Business and Economic Indicators report.
“The slower growth in new business filings is consistent with generally slower growth we are observing in other parts of the economy,” according to Brian Lewandowski, Associate Director of the Business Research Division at the University of Colorado Leeds School of Business, which compiled the report. “Despite this, the state continues to be among the leading growth economies nationally.”
The report also said there were 135,848 business renewals in this year’s second quarter, up from 132,874 in last year’s second quarter.
The state also has a record 727,000 Colorado businesses in good standing, the office said.
Colorado added 52,800 jobs from June 2018 to June 2019, 1.9 percent growth compared to the previous year, with most of the job growth in professional and business services, construction and government.
The report also projects employment will continue to grow the remainder of the year.
"Colorado's economy is performing well despite slower growth nationally,” Secretary Jena Griswold said in a statement. "Employment in our state continues its upward trend, and we hope to see continued growth in the next two quarters."
Colorado’s unemployment rate in June was 3.0 percent, lower than the national rate of 3.7 percent.