147 new start-ups formed every day during November

Christine Cullen, managing director, Vision-net.ie

Almost 4,000 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.

These figures represent a 21% increase compared to the same period in 2014, with Dublin, Cork and Kildare being the three most-popular locations for start-ups this year.

Professional services accounted for almost 30% of all new start-ups in the country. Social and personal services start-ups increased by 55%, while wholesale and retail increased by 6%.

Christine Cullen, managing director, Vision-net.ie, said: “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. The growth in start-ups in these sectors point to expected increases in disposable income in the period ahead and a greater willingness amongst consumers to spend. With small and family local businesses the lifeblood of the Irish economy, this is extremely positive.

Cullen added: “Our figures also show that the debt burden faced by businesses and consumers remains a live issue and barrier to economic growth. Today’s expected Government decision to make bankruptcy more attractive to those with unsustainable debts may provide the necessary life live to get these individuals and struggling entrepreneurs back on track.”