- by JP Wickremasinghe on 17/07/2017
11,269 Irish company start-ups were formed in the first 6 months of 2017 - up 6% on the same period last year (10,612). Bar June, company start-ups were up every month compared to 2016 - including by almost 20% in January and 9% in April.
The most popular sector for company start-ups is professional services with almost 1 in 5 new companies operating in it (2,183). This was followed by finance, which saw an 18% rise (1,604 vs 1,356) and social and personal services, up 50% (1,298 vs 865).
Other sectors that performed well included construction (up 14% - 1,118 vs 978), real estate (up 17% - 491 vs 420), and agriculture (up almost 50% - 470 vs 314).
45% of start-ups (5,090) were based in Dublin, up almost 9% on the first half of last year (4,683). Start-ups in Cork, over the same period, decreased by 14% (1,126 vs 1,312). Galway, Kildare and Meath round out the top five locations for start-ups and all saw increases this year compared to last - up 5%, 7% and 21% respectively.
There was a 13% increase in insolvencies in the first half of this year compared to last (569 vs 502).
Professional services were worst affected and accounted for 110 insolvencies - an 11% increase on 2016 (99). The real estate sector saw an almost 90% increase in insolvencies (91 vs 48).
Insolvencies in the construction sector remained unchanged year-on-year (90), while insolvencies in manufacturing and motor declined, by 17% and 29% respectively.
To view a full copy of our findings, simply view the report below:
Companies worried by rising costs of doing business in Ireland