Business start-up numbers rise by 24%, insolvencies down by 38% in May
Business start-up numbers rise by 24%, insolvencies down by 38% in May. Some 3,653 new businesses were set up in May, 24pc more than the same month last year, according to figures released today by Vision-net.ie.
The number of insolvencies during the month was down by 38pc to 79 during the month.
The company said 59pc of all new registered business names in May were sole traderships.
Professional services accounted for almost 30pc of all company start-ups (up 35pc on May 2014), while the wholesale and retail sector made up 10pc of start-ups and social and personal services accounted for 9pc. Construction and hospitality start-ups rose by 15pc and 27pc year-on-year, respectively.
Christine Cullen, managing director of Vision-net.ie, said the rise in new start-up business and drop in insolvencies show the economy is “on a consistent road to recovery”.
“Our data is highlighting growing numbers of new businesses opening up and established businesses becoming less vulnerable to collapse,” she said. “This increase in start-ups at one end and the decrease in business failures at the other, indicates that a natural balance and normality is starting to return to the Irish economy.”
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