New businesses and entrepreneurship are on the rise in the Centennial State. The Quarterly Business and Economic Indicators Report from the Secretary of State’s office, covering the second quarter of this year, has shown that new business entity filings have increased 4 percent compared to second quarter of 2013. This also represents a 4.8 percent increase overall for the past 12 months, when compared to the previous 12 month period.
Other positive trends for the second quarter include higher employment levels in Colorado and nationwide, as well as an increased rate of renewal filings of existing entities. Renewal filings increased 3.9 percent in the second quarter from the first quarter of this year. These and other economic indicators led to the predictions within the report for continued employment and economic growth for the next two quarters of this year thanks to new jobs from startups and growing businesses.
The report specifically projected more increases in filings over the third quarter of this year as well. While these filings are projected to slow down some during the fourth quarter of the year, as they typically do, they are nevertheless expected to be higher this year than last year’s final quarter.
Business Insider also recently ranked all 50 state economies growth rate by comparing them across eight economic indicators like unemployment, gross domestic product, average wages, and size of the working age population. Colorado earned the top spot on their list at #1 due to being within the top fifteen states in all eight of their metrics, as well as having a highly diversified economy. This further signals a growing economy for Colorado.
On June 9th, the Secretary of State announced a filing fee holiday for new business entity filings, which reduces the fees from $50 to $1. The holiday was prompted by budgetary surpluses with the Secretary of State’s Office and it will continue through the rest of the summer. After the summer, the fee will be reevaluated on a monthly basis. This holiday, when combined with the already positive economic trends that are being forecasted for the state, may help spark additional business formation and growth here in Colorado.
Now is a great time to consider starting or expanding your own business with the positive outlook of Colorado’s economy behind you, as well as reduced new business filing fees. In order to get started, be sure to reach out to the Law Office of E.C. Lewis PC, home of your Denver Business Lawyer, Elizabeth Lewis, 720-258-6647 or email her at Elizabeth.Lewis@eclewis.com.