Vision-net.ie have today released their latest report on the main industries in the Irish economy.
The report shows that compared with 2008, the number of registered companies trading as normal has increased by almost 19% (196,670 vs 165,631).
New company start-ups increased by 13% in the first quarter of 2016 compared to same period in 2015.
The largest number of new start-ups established was in the finance sector with 554 new start-ups. This is an increase of 366 on 2015. Forty four per cent of all start-ups were established in Dublin while all regions in Ireland (Dublin, Leinster (excluding Dublin), Munster, Connacht and Ulster) experienced a rise in the number of start-ups.
The professional services sector is the largest business sector in Ireland (21.7%) with 42,739 companies trading as normal.
Health and social work services experienced the largest percentage increase in companies trading in this sector with a doubling of companies registered from 3,303 in 2008 to 6,747 in 2016.
The report shows that the construction and real estate industries continue to remain key pillars of the Irish economy, despite the downturn of both over recent years. They are the third and fourth largest industries in the country, making up 9.7% and 8.4% of the almost 197,000 companies registered in Ireland that are classified as “trading as normal”.
Managing Director of Vision-net.ie, Christine Cullen today commented, "The 19% rise in the overall number of companies trading as normal this year compared to 2008, the beginning of the recession, is very encouraging. Combined with a fall in insolvencies, an increase in start-ups across all regions and evidence of greater access to credit and growth in rural areas, the figure indicates ongoing nationwide recovery, with new businesses spread across a number of diverse sectors."
She added, "However, with Dublin still accounting for almost half of all new companies a longer-term focus on developing infrastructure outside of the capital, to ensure greater regional balance, must be a priority for the new Government."