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����ֱ�� ended 2022 with continued strong job growth and is outperforming the nation in many areas, according to a report released Monday by ����ֱ�� Boulder and ����ֱ�� Secretary of State Jena Griswold.

The Quarterly Business and Economic Indicators report is prepared by the Leeds Business Research Division (BRD) at ����ֱ�� Boulder in conjunction with the ����ֱ�� Secretary of State’s Office. The latest report for the fourth quarter 2022 shows that ����ֱ�� recorded 48,806 new entity filings, posting the largest quarter in the report’s history. Filings increased year-over-year by 37.2% and 11.8% quarter-over-quarter.

However, delinquencies and dissolutions also were also up year-over-year. There were 13,293 dissolutions in Q4, up 17% year-over-year and 14.5% from the previous quarter.

Existing renewals remained positive, increasing 2.9% (171,210 renewals) in Q4 year-over-year and 4.5% quarter-over-quarter.

“����ֱ�� has continued our upward economic trajectory,” said Secretary Griswold. “With another strong year of employment gains and continued job growth, new business entity filings growing at a record pace and inflation diminishing faster than the national average, ����ֱ�� continues to lead when it comes to owning and operating a business.”

Inflation in the state continued to improve but remained high. In the Denver-Aurora-Lakewood region, the Consumer Price Index (CPI) increased 6.9% year-over-year in November 2022, compared to 7.1% nationally. 

December 2022 employment growth in the state increased 3.7% (104,700 jobs) year-over-year, good for eighth best in the nation. The largest annual percent increases came from the following sectors: other services, professional and business services and leisure and hospitality.

Resident employment in the state (based on the household survey which includes the self-employed) increased by 100,000 (3.3%) year-over-year in December. Resident employment growth outpaced labor force growth (up 74,000, or 2.3%, year-over-year), as the number of unemployed workers declined––which has created conditions that feel similar to a worker shortage.

“Businesses have been vocal about a worker shortage for years,” said Rich Wobbekind, senior economist and BRD faculty director. “What the current data is showing us is that, while ����ֱ�� has the second-highest labor force participation rate in the country, employers are latching on to most available workers. These current conditions are perpetuating the semblance of a worker shortage from the employer perspective.” 

The state’s high labor force participation rate is driving down the unemployment rate and pushing up wages. ����ֱ��’s unemployment rate fell to 3.3% in December, below the national rate of 3.5%. 

����ֱ�� per capita personal income of $75,557 ranked seventh nationally, and per capita personal income growth (7.9%) ranked first for the second consecutive quarter.

Real gross domestic product (GDP) in ����ֱ�� grew 3.2% year-over-year in Q3, sixth highest in the nation. Real GDP in the nation also grew 3.2% in Q3.

Retail gasoline prices continue to yo-yo in the state: Prices began to normalize in late 2022 after spiking earlier in the year, according to the Energy Information Administration. In January 2023, prices were down $1.22 per gallon in the state compared to the June peak, but prices in mid-January were up $0.92 per gallon from the end of December. 

You can find monthly information on key economic statistics and trends that impact the state on the ����ֱ�� Business and Economic Indicator Dashboard, launched by the ����ֱ�� Secretary of State's office in conjunction with BRD.