Colorado Secretary of State Jena Griswold Releases Economic Indicators Report for Fourth Quarter 2019
Today, the Colorado Secretary of State, in partnership with the University of Colorado Leeds School of Business Research Division, released the quarterly indicators report for the fourth quarter of 2019. The report shows that Colorado’s economy continues to outperform the nation in many economic indicators and employment growth will continue into 2020, but at a more modest pace.
“While growth has slowed the last two quarters, Colorado’s economy is still strong,” said Secretary Jena Griswold. "With business leaders’ confidence improving, indications point to Colorado’s economy staying strong in 2020."
The Business Research Division at the University of Colorado Leeds School of Business compiles 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.
The report shows the relationship between new business filings, new business formation, and employment growth. New business filings are typically linked to job growth, but total new business filings declined 0.4% year-over-year, which may point to employment growth occurring at a slower rate in 2020. Colorado saw an increase in jobs of 2.1% from November 2018 to 2019, and the state’s unemployment rate dipped to 2.5%, an historic low that is the fifth lowest in the United States.
After slipping in the final quarter of 2019, confidence of business leaders is up heading into the first quarter of 2020, according to the Leeds Business Confidence Index. Expectations for the state’s economy, industry sales, hiring, and capital expenditures have all increased entering the new year.
Colorado personal income increased 5.3% in Q3 of 2019, well ahead of the national personal income growth rate of 4.4% over the same time period. Colorado annual average wages, currently at $60,340, also continue to outpace the nation by around $2,100.
Colorado’s overall economy grew 3.3% year-over-year in Q3 2019. The Mining industry recorded the largest year-over-year gains.
The full report is available here and previous reports can be found here.