A catalyst composition for use in the preparation of poly(butylene terephthalate) from dimethyl terephthalate, comprising: (a) a titanium compound primary catalyst, from about 0.0005 PHR to about 5 PHR; (b) a first co-catalyst containing at least one of Zn, Co, Mn, Mg, Ca, or Pb series compounds, between about 0.0001 PHR and 5 PHR; and (c) a second co-catalyst containing an alkali metal phosphate, an alkali metal phosphite, an alkali hypophosphite, or an alkali metal polyphosphate between about 0.0001 PHR and 5 PHR; wherein PHR represents parts of the primary catalyst or the co-catalyst per one hundred parts, by weight, of dimethyl terephthalate. Preferred titanium compounds include tetrabutyl titanate or tetra(isopropyl)titanate. Preferred metal compounds for use as first co-catalyst are metal acetates. The alkali metal phosphate can be a phosphate salt containing one, two, or three metal groups; and the alkali metal phosphite can be a phosphite salt containing one or two metal groups. The alkali metal hypophosphite can be a hypophosphite salt containing any number of alkali metal groups. The alkali metal polyphosphate can be a polyphosphate salt containing one, two, three, four, or five alkali metal groups. With this catalyst composition, the rate of polycondensation was increased by 40 percent or more. The catalyst composition is also effective in the preparation of poly(butylene terephthalate) from terephthalic acid.