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Strong November for business as 147 new start-ups form every day

Written by Kieran Flynn, on 1st Dec 2015. Posted in Ireland

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Three thousand nine hundred and seventy eight new company and business start-ups were formed in November - an average of 147 a day - according to new figures from leading business and credit risk analyst, Vision-net.ie.

Of this number, 2,561 were new businesses and 1,417 were new companies. In total, this represents a 21% increase compared to the same period in 2014.

Last month, professional services, social and personal services, and wholesale and retail were the three most popular sectors for new start-ups.

Professional services accounted for almost 30% of all new start-ups in the country. Numbers in the sector rose 17.5% year-on-year, from 361 to 424. Social and personal services start-ups increased by 55%, from 115 to 178, while wholesale and retail increased by 6%, from 132 to 140. 

Continuing the sector's strong recovery, construction experienced another positive month, with start-up numbers increasing by 30% year-on-year, from 86 to 112. Education start-ups increased 54%, from 13 to 20; and utilities start-ups increased 280%, from 5 to 19.

Dublin, Cork and Kildare were the three most popular locations for start-ups this year. Kildare saw a significant 39% year-on-year rise in start-ups, from 44 to 61.

The fourth and fifth most popular locations, Galway and Meath, experienced small declines in start-up numbers, from 54 to 50 (-7%) and from 53 to 40 (-24.5%), respectively.

Christine Cullen, Managing Director of Vision-net.ie, said November’s strong figures demonstrate that economic recovery has now become a “broad-based recovery”.

“November’s figures repeats the consistently strong pattern of start-up growth which we have seen throughout the year, particularly construction and professional services. What is most encouraging is the significant increase in start-ups in other key growth areas of the economy such as retail and social and personal services. 

Source: www.businessworld.ie

 

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