There were 23,909 new companies and businesses formed so far this year – an average of 3,984 start-ups per month.
While overall, start-ups in 2016 are up just over 5% on the same period last year, there has been a significant increase in new companies formed. Company start-ups are 21% higher this year compared to last while registered businesses are down by 4%.
With the exception of January, every other month in 2016 has seen an increase in company start-ups when compared to the corresponding month in 2015. The average figure for monthly start-ups this year is 1,748 compared to 1,445 per month last year.
The average figure for monthly start-ups this year is 1,748 compared to 1,445 per month last year. Wexford, Cork and Donegal were the counties with the highest increase in start-ups when compared with first quarter and second quarter, 2015; indicative of a spreading regional recovery.
The professional services sector remains the most popular industry for company start-ups in 2016, accounting for one in five new companies.
However, financial services was the sector with the greatest increase in start-ups when compared with the same period last year, with 1, 337 new financial services start-ups or 866 more than the first six months of 2015.
This trend could bode well for Ireland’s financial services sector seeking to capitalise on post-Brexit opportunities.
Other sectors which have experienced strong start-up growth include utilities, construction and transport and logistics sectors. However, the agriculture and real estate sectors both suffered a fall in start-ups when compared with last year.
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