Amid increasing concerns about Colorado’s economic health, Gov. Jared Polis’ new council seeks to strengthen affordability and competitiveness to anchor businesses in the state.

Regulation increases and climbing cost of living, among other factors, have driven Colorado out of CNBC’s top 10 states for business, according to previous Denver Gazette reporting.

Colorado’s history of business health is now trending downward and “two-thirds of business leaders now believe the state’s economy is on the wrong track, according to the chamber’s latest poll,” Colorado Chamber of Commerce CEO and President Loren Furman told Colorado Politics.

The issues specifically include rising prices for businesses, complex regulatory processes and difficulty hiring due to the high cost of living.

The council is Polis’ answer.

“The council will bring together the public and private sectors to analyze the current business landscape and develop a shared vision for the future,” the Colorado Office of Economic Development and International Trade said.

It will also “develop a data-driven strategy to benchmark the state’s competitive advantages and identify legislative, policy, and regulatory recommendations to strengthen the state’s economy.”

Colorado business leaders gave positive responses in a news release following the announcement.

“This initiative creates a powerful platform to leverage data, collaboration, and bold action to strengthen our business climate, support innovation and ensure Colorado remains a place where companies choose to grow, invest and create opportunities for communities across the state,” said Metro Denver Economic Development Corp. President Raymond Gonzales.

“This council represents a collective effort among our business community to commission a data-driven study which will support Colorado’s leaders in ensuring Colorado remains a state that is open, competitive and welcoming to businesses for years to come,” said Walker Stapleton, former treasurer of Colorado and commissioner of the Colorado Economic Development Commission in the release.