Indicators mixed in latest Colorado economic report  

The number of new business filings in Colorado was strained in the second quarter of 2024 while other economic indicators showed growth, according to a report released Monday by the University of Colorado Boulder and Colorado Secretary of State’s office.

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.

Colorado recorded 43,029 new business filings in Q2 2024, a 4.7% drop from the previous quarter and 21.7% drop year-over-year. Seasonal drops in Q2 are expected. However, the year-over-year decrease occurred at its fastest pace in the series dating back to 2005.

Business renewals increased over the year but decreased from last quarter; also a seasonal phenomenon but with a greater decrease than typical seasonal changes. State job growth, personal income and inflation continued to grow or improve.

“Colorado is in a strong economic position. Our job growth is greater than the national average, inflation is decreasing, and personal income is rising. We remain a business- and consumer-friendly state, and I am working to ensure these gains reach every corner of Colorado,” said Secretary of State Jena Griswold.

Colorado saw job growth of 1.4% in June 2024, ranking the state 24th in the country. Colorado added an average 4,600 jobs per month over the past six months, and in June 2024, 40,900 jobs year-over-year, with the highest annual increases in Mining, Government, and Education and Health Services.

Inflation also continues to improve, with small fluctuations at the state and national level. The Consumer Price Index in the Denver-Aurora-Lakewood region increased 2.6% (not seasonally adjusted) year-over-year in May 2024. The national Consumer Price Index (U.S. City Average) increased 3 3% year-over-year in June.

“There are indications that the economy is growing more slowly in 2024 than in 2023, but the state nonetheless remains in a growth phase,” said Brian Lewandowski, Executive Director of the Business Research Division.

You can find monthly information on key economic statistics and trends that impact the state on the Colorado Business and Economic Indicator Dashboard, launched by the Colorado Secretary of State’s office in conjunction with BRD.