Colorado鈥檚 job growth continued in the third quarter 2022, propelled by growth in labor force participation and elevated demand for workers, according to a new report released Tuesday by CU Boulder and Colorado Secretary of State Jena Griswold.
The Quarterly Business and Economic Indicators report is prepared by the Leeds Business Research Division (BRD) at CU Boulder in conjunction with the Colorado Secretary of State鈥檚 Office. The latest report for the third quarter 2022听shows that Colorado recorded 43,657 new entity filings, increasing year-over-year by 14.5% and 10.6% quarter-over-quarter鈥攁 notable deviation from past years where filings typically seasonally decrease from Q2 to Q3.
Click the image to read the Colorado Secretary of State Quarterly Business and Economic Indicators report for the third听quarter, 2022.
However, delinquencies and dissolutions also recorded strong growth year-over-year鈥攕ignals of business strain. There were 11,614 dissolutions in Q3, up 27.1% year-over-year but down slightly from Q2.
鈥淭oday鈥檚 Quarterly Economic Indicators Report has much to celebrate,鈥� said Secretary Griswold. 鈥淲ith the state鈥檚 GDP, employment, income, and labor force all ranking above the national average, we must ensure Colorado鈥檚 working families and business community thrive.鈥�
Colorado鈥檚 September 2022 employment increased 4.1% year-over-year (113,000), 16th-best in the nation. The largest annual increases were in leisure hospitality, professional and business services and other services. Nationally, lower-income jobs with wages below $50,000 had more openings in September, with 3.5 million job openings.
In terms of wage growth, lower-paying industries experiences the largest gain. Q1 2022 (most current data available), industries with an average annual wage of less than $50,000 recorded the largest annual growth (12.2%).
Nationally, lower-income jobs with wages below $50,000 had more openings in September, with 3.5 million job openings.
Colorado鈥檚 per capita personal income ranked the state eighth听with per capita income of $73,357, and per capita personal income growth (6%) ranked first.
鈥淥ur latest data shows Colorado鈥檚 economy continues to excel relative to the nation,鈥� said Rich Wobbekind, senior economist and BRD faculty director. 鈥淗owever, business leaders still remain pessimistic of the short-term economic outlook. Ahead of Q4 2022, the Leeds Business Confidence Index stood at 39.8鈥攊n bear territory.鈥�
Inflation remains a concern for business leaders, though price growth did improve modestly in September. The Consumer Price Index in the Denver-Aurora-Lakewood region increased 7.7% year-over-year in September 2022, compared to 8.2% growth in the nation.
After contracting two consecutive quarters, national real gross domestic product (GDP) grew 2.6% quarter-over-quarter in Q3, and 1.8% year-over-year. Colorado鈥檚 real GDP decreased at an annualized rate of 2% in Q2 (most recent data available), but real GDP growth increased 3% year-over-year.
Retail gasoline prices were up 1.8% year-over-year in October, but down 24.7% from the spike in June. According to the Baker Hughes Rig Count, rigs in Colorado doubled year-over-year in October 2022, with 22 active rigs.
You can find monthly information on key economic statistics and trends that impact the state on the听, launched by the Colorado Secretary of State's office in conjunction with BRD.
