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Number of new start-ups highest in 6 yrs

Friday, February 14 12:04:06

Ireland's entrepreneurial spirit is alive and well with the number of new incorporated start-ups hitting its highest level in almost 6 years last month, according to Vision-net today.

In January 2014, 1,512 new start-ups were incorporated, the highest number since pre-recession April 2008 when 1,541 were incorporated.

The new figure is an increase of 11pc on January 2013, when 150 fewer start-ups were incorporated.

Last month, 23.5pc of these 1,512 start-ups were in professional services; 10.9pc in wholesale and retail; 8.1pc in construction; and 7.8pc in IT.

Comparing January 2014 and January 2008, only construction and real estate start-ups experienced significant decline, with 6pc and 6.8pc fewer established, respectively.

Likewise, the industry with the highest comparative increase was agriculture, with 3.4pc more start-ups in January this year than January 2008.

The number of new leasing start-ups have doubled as a proportion of all start-ups overall, (from 1.7pc to 3.7pc) over the period. The increase in leasing businesses currently being formed may be indicative of a growing preference amongst businesses for leasing of equipment and machinery over capital investment and outright purchase of such items.

Christine Cullen, Managing Director of Vision-net, said the figures showed "positive signs of economic recovery" in the country.

"The number of new incorporated start-ups in January is the highest in almost 6 years. This is a very encouraging sign, one that indicates that the Irish economy is taking a turn for the better. It also suggests that more individuals are now seeing growth and business opportunities in the Irish economy," said Ms Cullen.