A new report has found that 2017 was the best year for company start-ups in Ireland since records began. This is according to business and credit risk analyst Vision-net’s 2018 Annual Review, published in partnership with its new acquirers, international fintech company CRIF.
The report finds that Dublin continues to attract the majority of new companies, with 46% of all start-ups. Cork is the second most popular location, with 10% of all new companies, followed by Galway (4%) and Kildare (4%).
Carlow, Sligo, Roscommon, Longford and Leitrim had the smallest share of company start-ups in 2017.
The majority of new company start-ups in 2017 were in professional services (4,400, or 20% of all start-ups), followed by finance (3,462, 15%), social and personal services (2,329, 11%), and construction (2,223, 10%).
Finance, the second most popular industry for new start-ups, grew more than 17% on 2016. Construction, the fourth most popular industry, grew by over 18% on the previous year. Real estate start-ups grew by more than 20% (838 to 1,007) and agriculture start-ups by 37% (594 to 812).
It is estimated that 22,354 companies were registered in Ireland last year—an average of 61 a day—a figure up by just over 6% on 2016 (21,018). Last year, surpassed the previous record of 21,145 company start-ups in 1998. In total, 46,484 companies and businesses were registered in 2017.
Commenting on the research, Managing Director of Vision-net.ie, Christine Cullen said, "Last year’s results are a testament to the resilience and increasing diversity of Ireland’s economy. Despite the continued uncertainty surrounding Brexit and the border, the national business community has remained productive and innovative. Ireland is an attractive place to set up and do business, for indigenous and foreign companies alike. For resurgent industries like construction, finance and real estate, rather than enjoy only short-term success, they have proven consistently strong performers over the past number of years. More property is being built, and more money is being lent to and invested in growing businesses. These are strong indicators of a healthy economy."
She added, "However, there are important factors to consider. As Ireland approaches full employment, it’s likely that the impressive year-on-year growth that we have seen since the end of the recession will slow. Brexit, too, remains a largely unknown quantity. Its effects on the economy will likely not be felt for several years."
Source: www.businessworld.ie
