- by Patrick Cooney on 15/12/2020
As we head towards the end of a turbulent year for Irish business, a positive sign of a possible recovery in company start-ups is appearing. Although start-up figures saw a very large decrease in the second quarter of this year, reaching a 5 year low in April (1,075), thankfully a rise in start-ups in August has continued into the last three months of this year.
November 2020 saw it's figures eclipsing last year with a huge 2,832 companies registered in the month. This figure is the largest on record for a single calendar month and represents a 64% increase compared to November 2019 (1,732). October and September also saw a small increase in figures compared with 2019 with 1,845 (up 2%) and 1,985 (up 4%) new companies respectively.
Compared with the low of April, November's sharp increase in company start-ups represents a 163% difference, showing a promising upswing in confidence in the economy as people set up new companies and entrepreneurship continues.
The industries which saw the majority of start-ups during November were in professional services, with Financial Intermediation (557) and Legal, Accounting and Business (556) seeing the most new companies. Wholesale/Retail followed with 325 start-ups, even though most non-essential retail closed due to Government restrictions during the month.
270,000 Active Companies
As of 1st December 2020, Ireland has just over 270,000 live, active companies and the database continues to grow even during the unpredictable COVID crisis of 2020. CRIFVision-net's company search facility can be used to search each of the 270,000 active companies to help you find new business which may be of interest. Furthermore, Business Lists from CRIF Vision-net are a comprehensive tool which can be generated with any specifications you choose to find new leads for your Sales or Marketing Teams.
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Confidence has been reduced and uncertainty has increased, forcing Irish businesses to implement many different preparations.
So far in 2020 the full effects of the economic downturn as a result of the Covid-19 crisis in terms of company insolvencies has yet to fully show.