First Quarter Growth Strong
The outlook continues to shine bright, with fewer initial unemployment claims and a surge in new housing permits
Consistent with economic performance nationally, Colorado’s economy accelerated in Q1 relative to the same period in 2017.
The outlook continues to be strong with fewer initial unemployment claims and a surge in new housing permits. The increase in home-building helped stabilize rents in 2017 and will partially compensate for low for-sale home inventories this year. Foreclosure filings in 2017 dropped 13 percent from 2016.
The only negative was new Help Wanted Online Ads, which may not accurately reflect labor market conditions. Colorado’s unemployment rate continues to hover at 3 percent, according to the Colorado Department of Labor and Employment. Meanwhile, a 32 percent-increase in new business filings occurred despite cautions at the start of 2018 that Colorado job growth would decelerate this year.
According to the Colorado Secretary of State, the number of Colorado businesses in “good standing” hit record highs in the first quarter of this year, with ,870 new business filings reported over the 12-month period ending in March 31. This brings the total number of business entities in good standing to 677,538.
“I am pleased to see Colorado’s economy begin 2018 in such a strong and stable position,” says Sec. of State Wayne Williams in a statement. “we continue to see low unemployment, higher average wages and increasing numbers of new businesses forming in Colorado. I am very encouraged by this report and share in Colorado business leaders’ optimism for our second and third quarter.”