The state of Colorado is showing signs of economic recovery, as business bankruptcies have declined and startup activity is on the rise. According to the Denver Post, the number of new business bankruptcies in the state dropped to its lowest level in five years in the second quarter of 2018. This marks a significant decrease from the same period in 2017, when almost 1,000 business bankruptcies were filed.
The decrease in bankruptcies is a sign that businesses in the state are stabilizing and may be on their way to recovery. In addition, businesses in Colorado are benefitting from the influx of new startups. According to the Denver Business Journal, the number of startups in the state has grown by almost 20 percent in the past year. This is due, in part, to the state’s strong entrepreneurial culture and the availability of resources to help new businesses get started.
The decline in bankruptcies and the rise in startups bodes well for the state’s economy, as businesses are creating jobs, generating taxes, and contributing to economic growth. Additionally, the influx of new businesses is providing opportunities for the state’s skilled workforce to find employment.
Business owners in Colorado are optimistic that the state’s economy is on the upswing. This sentiment is further supported by the fact that the state’s unemployment rate is at its lowest level since 2008. Furthermore, the state is benefitting from a strong tourism industry and the influx of new residents.
All of these factors point to a positive outlook for businesses in Colorado. The decrease in bankruptcies and the rise in startups indicate that businesses are on the upswing and are positioned to take advantage of the state’s strong economic growth. Business owners should take advantage of the positive economic environment by investing in their businesses to ensure long-term success.