21% increase in established start-ups last month

Almost 4,000 new business start-ups were established in Ireland last month, with the improving economic landscape encouraging more entrepreneurs into the world of commerce.

A total of 3,978 business start-ups were formed during November, totalling a 21 per cent increase on the number set up during the same month last year, further demonstrating the revived business sentiment across the country.

The figures, compiled by Vision-net.ie, are the most significant evidence yet that a “broad-based recovery” is underway, according to Christine Cullen, managing director, Vision-net.ie.

“November’s figures repeat the consistently strong pattern of start-up growth which we have seen throughout the year, particularly construction and professional services,” said Cullen.

“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 indicates a greater willingness amongst consumers to spend. With small and family local businesses the lifeblood of the Irish economy, this is extremely positive.”

Almost a third of all new start-ups accounted for firms in professional services, whilst the number of new social and personal start-ups grew by more than half (55 per cent) and start-up numbers in the construction sector increased by 30 per cent.

Ms Cullen did however warn that the debt burden encountered by businesses and consumers throughout Ireland “remains a live issue and barrier to economic growth”, but welcomed the reduction of the term of bankruptcy to just one year.

Date published 3 Dec 2015 | Last updated 3 Dec 2015