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Every day last month, 135 new Irish businesses were set up
Insolvencies were also down.
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 >
