A report from the University of Colorado Boulder which was published by the Wayne Williams, the Colorado Secretary of State, states that business filings for new businesses in the Colorado area remains to be strong for the third quarter of this year. This is good news as there are many future employment opportunities to be expected before 2017 ends. These businesses had to apply for a Colorado Tax ID which is a requirement in the state.
The author of the report is the Business Research Division which is under the Leeds School of Business. They utilized data that came from the business registry of the Secretary of State. There are a number of factors that were checked such as the filings for new businesses, renewals of existing businesses, rate of construction as well as employment. Data are not only provided for the state of Colorado but the nation as a whole.
For the third quarter alone, there are 28,372 filings from new businesses which showed a growth of 5.1 per cent compared to the same time period on 2016. The growth is a good thing for employment until the end of the year. Unfortunately, experts are predicting that the increase will slow down during the first quarter of next year.
Wayne Williams, the Colorado Secretary of State, said that Colorado has a good standing in employment for the short-term view as it is expected that the level of employment will grow for the six months following the report. Therefore he concluded that the current economic level of the state is quite strong.
For the third quarter, the renewals of existing businesses have grown to 127,228. The number of entities that were given good standing is at 656,144 which showed an increase rate of 5.9 per cent when looking at the data of the same period last year. Colorado has reached a new record for this one.
Business Research Division’s executive director, Richard Wobbekind, said that there will be an increase in the number of entities who will apply for a Colorado Tax ID because the employment rate in the state has also increased despite the fact that growth is expected to slow down in 2018.