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Dublin: 7 °C Thursday 24 May, 2018
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Every day last month, 135 new Irish businesses were set up

Insolvencies were also down.

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AN AVERAGE OF 135 new businesses were registered every day last month, while just 2.5 went insolvent according to new figures.

The stats were complied by analysts at Vision-net.ie who say that “a natural balance and normality is starting to return to the Irish economy.”

In total, May 2015 saw 3,653 business start-ups recorded, a 24% rise on the same month in 2014. Sole traders accounted for 59% of all new registered business names.

In terms of company start-ups, close to a third of the total are described as ‘professional services’ with retail and wholesale accounting for 10%

Unsurprisingly, Dublin is listed as the main hub of most of the new company registrations, 50% of the total according to Vision-net.ie.

Limerick and Cork both saw a jump in the number of businesses registered compared to last year. Limerick especially which saw a 71% increase, Cork comes in at an increase of 32%.

Going under

On the other side of the coin, insolvencies down are significantly compared to last year. Figures show that 79 insolvencies were registered last month, a 38% drop on the same month last year.

Wholesale and retail businesses accounted for 16.5% of all insolvencies, followed by hospitality (15%) and manufacturing (14%).

Mirroring their rise in new start-ups, the construction industry saw a 48% decrease in insolvencies when compared to last year.

“Our data is highlighting growing numbers of new businesses opening up and established businesses becoming less vulnerable to collapse,” according to Vision-net.ie’s Christine Cullen.

“This increase in start-ups at one end and the decrease in business failures at the other, indicates that a natural balance and normality is starting to return to the Irish economy.”

Read: These were the bumper industries for Irish startups last year >

Read: Almost 1,000 new companies were formed in Ireland last month >

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Rónán Duffy

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