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49 businesses a day formed in July

Thursday, August 07 11:39:24

The latest figures for the number of new business start-ups shows that Ireland's entrepreneurial spirit is alive and well despite economic and finance challenges.

Company start-ups rose 11pc (1,518) in July 2014 when compared to the same month last year (1,371), according to the latest figures from credit and business risk analyst, Vision-net.ie.

The company said this was the highest number of company start-ups for the month of July since pre-recession 2007 and equates to almost 49 new companies each day.

The professional services sector was the most popular industry for start-ups in July, accounting for 22pc of new companies, followed by wholesale and retail (10pc) and construction (9pc).

The increasing stability in the construction sector is also reflected in the 47pc fall in construction company insolvencies, when July 2014 is compared with July 2013. Dublin was the home to 51pc of company start-ups in July, followed by Cork (8pc) and Limerick (4pc).

In terms of insolvencies, industry sectors which experienced high levels of failure during the recession are showing increasingly resilience. In July, insolvencies in the motoring sector decreased by 86pc compared to the same time last year; they decreased by 47pc in the construction sector; and fell by 29pc in the real estate sector. Insolvencies in the manufacturing sector have stabilised and remain at the same level as a year ago. However, the wholesale and retail sector remains vulnerable with insolvencies in the sector with 31 businesses collapsing during July, a rise of 139pc on the previous year.

Out of a total of 166 insolvencies nationally, Dublin experienced the largest number of insolvencies, accounting for 46pc of all insolvencies in July, followed by 13pc in Cork and 6pc in Galway. Counties Carlow, Leitrim, Waterford and Longford recorded no insolvencies last month.

In terms of bad debt judgments for the month of June, a total of 362 were awarded against consumers and companies, worth 45 million. 67pc of judgments were awarded against consumers, totalling 43.4 million, or 96pc of the overall value of all judgments awarded.

Christine Cullen, Managing Director of Vision-net.ie , said that last month's promising figures were "further positive signs of economic renewal".

"July's company start-up figures are the highest seen in that month in seven years and are indicative of greater business confidence. The strong increase in start-ups will also have a knock-on effect in the wider economy such as in job creation or improving B2B trading," she said.

"This month construction continues to be the sector to watch, having grown to be the third most popular industry for company start-ups. Likewise, a decline in insolvencies in the motoring, construction and real estate sectors is encouraging. This decline indicates that these industries are gradually becoming more resilient. While spending on big ticket items, such as cars or new homes, is beginning to recover, albeit from a low base," added Ms Cullen.

For more visit: www.businessworld.ie