New figures releaased by Vision-net.ie today show that there were 20,059 Irish company start-ups set up this year.
This level of new company formations has not been seen since 1998 and represents the second highest figure recorded in the past 36 years.
On average, 401 new companies have been formed per week in 2016 - that figure is more or less in line with the same period in 1998 (408 approx. company start-ups per week). Professional services remains the most popular sector for start-ups with almost 1 in 5 (3,899) choosing to operate there.
Furthermore, this year has shown a noticeable increase in companies in the finance sector with over 2,800 incorporated. The top 5 most popular industries are then made up of wholesale & retail, social & personal services and construction who, between them, account for 5,898 start-ups this year.
The data shows that 46% of start-ups this year have a registered address in Dublin while a further 12% are based in Cork. After this there is somewhat of a drop to Galway, Kildare, Limerick and Meath who account for a combined total of 14% of new companies formed.