Employment in Colorado is expected to see continued growth in 2020, according to a quarterly economic report from the Colorado Secretary of State’s office.

That growth, however, will come at “a more modest pace” in the first two quarters of the year, said the report, released quarterly in conjunction with the University of Colorado Leeds School of Business Research Division.

Job growth in the state grew 2.1 percent between December 2018 and December 2019, adding almost 57,000 jobs, the report said. 

Despite the job growth, new business filings saw a 0.4 percent decline year-over-year, while existing entity renewals declined 1.1 percent year-over-year, the report said. Over 28,000 new entities were filed in 2019’s fourth quarter, with over 127,000 new filings in the 12 months prior to the fourth quarter. 

Business leaders’ confidence increased from 46.9 in the fourth quarter of last year to 50.8 in the first quarter of this year, according to the Leeds Business Confidence Index. 

“While growth has slowed the last two quarters, Colorado’s economy is still strong,” Secretary of State Jena Griswold said in a statement. "With business leaders’ confidence improving, indications point to Colorado’s economy staying strong in 2020."

Colorado’s unemployment rate was 2.5 percent in December, a whole percentage point lower than the national rate of 3.5 percent during that month.