In this Capitol Report:
Colorado Secretary of State Griswold Issues Report on Continued Strength of State’s Economy
On Wednesday, Jena Griswold, the new Colorado Secretary of State, issued a news release based on a report from the Leeds School of Business’ research division at the University of Colorado Boulder that details the state’s continued economic strength in terms of new business filings, jobs and wages. Here is the news release:
Secretary Griswold releases the final business report of 2018
DENVER, Jan. 23, 2019 — Colorado’s economy continues to lead among other states’ nationally, according to a business report released today by Secretary of State Jena Griswold.
New business entity filings grew increased by 5.1 percent in the fourth quarter of 2018.
Over the final quarter of 2018, 28,473 new businesses filed with the Secretary of State’s office, and there were 134,220 business renewals. These represent slight decreases compared to the previous quarter but were consistent with the seasonal pattern.
The Business Research Division at the University of Colorado Boulder publishes the report using data from the Secretary of State’s central business registry. The report looks at a variety of factors, such as energy costs, the labor market, and inflation.
“I am excited to continue this important partnership with the University of Colorado Leeds School of Business to provide Colorado’s business community with information that will help them succeed,” Griswold said. “Despite some uncertainty at the national level, the data shows Coloradans continue to open new businesses. I am optimistic that this, along with the projected increase in employment, indicates that Colorado will have steady economic growth in 2019.”
The quarterly business and economic indicators report predicts continued employment growth into the first and second quarters of 2019. Initial and continuing jobless claims in Colorado increased over the quarter, but still marked an improvement year-over-year. In November 2018, Colorado added 69,100 jobs when compared year-over-year, a growth of 2.6 percent.
Data from the Bureau of Labor Statistics shows that average Colorado wages increased by 5.3 percent compared to 4.1 percent nationally. Average wages in Colorado were $57,858 compared to the national average of $56,374.
According to Richard Wobbekind, Executive Director of the Business Research Division, “Data from the prior four quarters about new entity filings and existing entity renewals indicate continued growth in Colorado’s labor market in 2019.”
Colorado’s labor force participation continues to climb and remains a leader nationwide. At 69.1 percent, participation rated third in the country and six percentage points higher than the national rate.
The state’s economy continues to record strong growth in employment, personal income, wages, and GDP. However, business leaders expressed a bearish tone looking ahead two quarters. They were decidedly negative about the national economy but remained slightly positive about the state economy, industry sales, profits, hiring, and capital expenditures.
Sponsors Needed! Sign Up to Sponsor a Colorado Chamber Council Meeting
We want to invite you to once again participate in the Colorado Chamber of Commerce’s Policy Councils. Councils offer a unique opportunity for Colorado Chamber members to add their expertise to our policy-making and influence legislation and regulations that impact business. Council meetings provide an open and frank dialogue between our members, key legislators and state agency leaders. The following Councils are available to all our members:
- Energy and Environment Council
- HealthCare Council
- Federal Affairs Council
- Labor and Employment Council
- Governmental Affairs Council
- Tax Council
Each Council will meet at Noon at the Colorado Chamber of Commerce office throughout the session. Lunch is served at each meeting. Sponsorship of council meetings by our members is crucial to maintaining the practice of providing lunch during these important council meetings. We need sponsors for every meeting, so we would like to encourage members to sign up now to sponsor a lunch! Sponsors receive recognition in both email reminders for the meeting and our online Events Calendar, as well as during the meeting. The Colorado Chamber of Commerce does all of the ordering and setup of the lunch and the sponsorship is always a flat rate of $600. Please contact Laura Moss for more details or to sign up as a sponsor. We appreciate your ongoing support!
Please see the below for specific dates for each council. Councils always meet from Noon to 1:15 p.m. in our conference room at 1600 Broadway, Suite 1000, Colorado State Bank Building.
2019 Council Meeting Dates
Energy & Environment Council:
January 30, 2019
February 27, 2019
March 27, 2019
April 17, 2019
Federal Policy Council
February 19, 2019
April 9, 2019
June 4, 2019
August – Congressional Reception Date TBD
October 8, 2019
Governmental Affairs Council:
January 29, 2019
February 12, 2019
March 12, 2019
April 23, 2019
HealthCare Council:
January 15, 2019
February 14, 2019
March 14, 2019
April 18, 2019
Labor & Employment Council:
January 23, 2019
February 20, 2019
March 20, 2019
April 10, 2019
Tax Council:
January 11, 2019
February 8, 2019
March 8, 2019
April 12, 2019