(The Center Square) – Confidence among Colorado’s businesses “increased sharply” ahead of 2021’s second quarter, according to a recent survey.

The Leeds School of Business at the University of Colorado Boulder conducted the survey, which uses the Leeds Business Confidence Index (LBCI) to measure “Colorado business leaders’ expectations for the national economy, state economy, industry sales, profits, hiring plans, and capital expenditures.” 

The index went up 16.5 points going into the second quarter to 64.4 points, up from 47.9 points in the first quarter.  

The increase in confidence is “largely due to the pace of vaccinations and the expectations about easing economic restrictions,” the index said.

Colorado’s general public became eligible for vaccinations starting last Friday, Gov. Jared Polis announced last week. Distribution is expected to take six to eight weeks.

State lawmakers are also in the process of passing a stimulus plan that includes relief for small businesses.

The LBCI also increased in each of the six individual categories measured: state economy, national economy, industry sales, industry profits, industry hiring, capital expenditures. The first quarter, LBCI found only two of the six metrics increased.

The state economy and sales expenditures garnered the most optimism in the survey.

The LBCI also improved looking ahead to the third quarter.

“Coupling the quantitative survey results with the qualitative comments, panelists signaled the end of the pandemic recession,” the index said.