DENVER | The number of people who filed for new Colorado business licenses decreased this summer, though renewals for existing businesses were up, according to an Oct. 27 announcement made by Colorado Secretary of State Wayne Williams.
A total of 25,164 new businesses filed with the Secretary of State’s office in the third quarter, which is down nine percent from the same time last year, according to the Quarterly Business and Economic Indicators Report. The report is published by the Business Research Division at the University of Colorado Boulder’s Leeds School of Business and uses data collected by the Secretary of State’s office.
“Although new filings are down quarter over quarter and year over year, the level is sufficient to sustain continued growth in the economy albeit at a slower pace,” Richard Wobbekind, executive director of CU-Boulder’s Business Research Division, said in a statement.
Despite the shrunken number of new filings, the state saw 114,676 business renewals over the three-month period ending in September, which is an increase of more than 5 percent over the same span of time last year, according to the CU report.
The report also noted that there were 587,740 business entities in good standing with the business registry as of September, which Williams touted.
“Despite the decrease in new business filings since the previous quarter, Colorado is nearing a major milestone of having 600,000 business entities in good standing,” Secretary Williams said. “Coloradans continue to eagerly put their ideas into the marketplace.”