Colorado's economy remains on track for continued expansion in the first half of 2016 even as slightly fewer businesses formed in the fourth quarter, University of Colorado economists and Colorado Secretary of State Wayne Williams said Thursday.
A total of 23,306 new entity filings were made with the state during the last three months of the year, a figured that inched down from the 23,360 registered in the fourth quarter of 2014, according to CU's Quarterly Business & Economic Indicators report, using Secretary of State's Office data.
In all of last year, 102,670 new entities were registered with the state, up from 102,127 in 2014. Dissolution filings increased to 24,318 from 21,761 for the same period.
Countering the small fourth-quarter drop — which followed a dip in filings for the third quarter — are positive economic indicators, such as an increase in entity renewal filings, higher business confidence and a drop in unemployment.
"Based on economic growth in Colorado and the initial filings, we see continued, but slower, employment growth in the state in the first half of 2016," economist Richard Wobbekind, executive director of CU-Boulder's Business Research Division, said in a statement.
During October, Colorado's entities in good standing surpassed the 600,000 mark for the first time in the state's history.
Colorado finished the year with 601,588 total entities in good standing, up from 570,093 at the end of 2014.