Colorado Economic Growth Update

Colorado’s economy continues to remain strong, especially if cities like Boulder have anything to say about it. Photo: Pixabay)

Jennifer Egbert, RE/MAX Alliance

Jennifer Egbert, RE/MAX Alliance

BOULDER – Colorado’s economy continues to remain strong, especially if cities like Boulder have anything to say about it. According to the Colorado Secretary of State, new business filings in Boulder continued to grow during the second quarter of 2017.

This report was developed by the University of Colorado, specifically the Leeds School of Business. They looked at a variety of data – including new business filings, company renewals, the rate of construction, and the national and local unemployment rate – in order to arrive at their conclusions.

The pattern isn’t surprising. In metropolitan areas, jobs are booming, but the same can’t be said for rural locations. Outside of cities, job growth isn’t stagnant, but it is slower. Nonetheless, the economy hints that prolonged job growth is on the horizon. Of course, we need this as the population of our state continues to blossom: it has increased by over a million people in the past fifteen years.

This doesn’t mean that job growth has no ceiling – total new filings increased 5.9 percent from the previous year but slowed down 8.4 percent when compared to last quarter. This was expected and is attributable to the typical slowdown that comes with the season. Even so, in the past twelve months, 113,949 new business filings were recorded. The entities in good standing were much higher, reaching to nearly 650,000. Both these numbers are good indications of an economy with no signs of slowing down.

Business leaders and lawmakers are confident in Colorado’s future; this confidence is important as certain elements of the economy are contingent on outlook. At the very least, the Centennial state is slotted to close out 2017 on a high note.

Colorado isn’t the only one standing tall; the US as a whole is performing well. According to Reuters, the nation’s economic expansion will go for two more years at a minimum. This prediction was made by a recent poll of economists who were asked about the economic forecast. The majority predicted that, while the economy will grow, it won’t grow as drastically as the Trump administration has predicted.

Much of this growth is in response to the financial crisis that swept the nation back in 2008. It was the worst economic disaster since the Great Depression nearly eighty years earlier. If the recovery process keeps up, which it has so far, it would earn the distinction of being the longest economic expansion in over a century and a half.

By Jennifer Egbert, RE/MAX Alliance. Jennifer Egbert is a Realtor at RE/MAX Alliance Downtown in Boulder and specializes in Luxury neighborhoods, home builders and current market conditions. To learn more about the Boulder real estate market, visit jenniferegbert.com, e-mail jennifer@jenniferegbert.com or call 303.619.3373.