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AN AVERAGE OF 61 new companies were formed every day last year, making it the best year ever for the formation of new businesses.
Analysis by monitors at Vision-net have said that 22,354 new companies were registered in Ireland last year, a figure up by just over 6% on 2016 (21,018).
The figure exceeds a previous record from 1998 when 21,145 start-ups were registered.
Last year was the first year since 1998 that the figure had topped 20,000.
Sectorally, professional services is the most popular industry for the new businesses, making up 20% of all start-ups followed by finance (15%) and social and personal services (11%).
The construction sector, which suffered a significant decline during the economic downturn, is the fourth most popular sector for new business at 10% of the total.
Dublin continues to be the location for the largest proportion of new businesses, making up 46% of the total and significantly larger than the second placed location of Cork at 10%.
The annual review also looked at the number of insolvencies for last year and found that there was an average of three per day.
There were 1,018 company insolvencies recorded in Ireland last year, a 3% increase on 2016.
The large increase in the number of new businesses being registered has been hailed by Vision-net as a sign that the economy is in good health.
The company’s managing director Christine Cullen said that the results demonstrate a “resilience and increasing diversity of Ireland’s economy”.
Cullen warns however that the impact of Brexit and decreasing unemployment are likely to slow the formation of new businesses over the next few years.
“More property is being built, and more money is being lent to and invested in growing businesses. These are strong indicators of a healthy economy,” she said.
As Ireland approaches full employment, it’s likely that the impressive year-on-year growth that we have seen since the end of the recession will slow. Brexit, too, remains a largely unknown quantity. Its effects on the economy will likely not be felt for several years.
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The is outrageous, but most likely down to the fact that, with the current strict baggage restrictions , Andy was made to check in his instrument’s and not allowed to bring them onboard. This is the kind of nightmare every musician dreads, and often the only solution is to buy a plane seat for each instrument. This may not only render the trip itself financially unviable, but the cabin crew of certain airlines may still see fit to remove them to the hold if they see room for a couple of extra passengers. In most cases musical instruments are simply too fragile to be thrown around by handlers in the manner of your holiday suitcase. I’ve seen footage of matchstick fiddles and mangled trombones emerging on the carousel.
I wish Andy all the best in recovering both instruments in one piece.
@Liz O’Neill: I’m sorry but if I buy 2 extra seats for whatever it is I want them for, no airline staff is going to take the from me after I have paid for them , anyway hope he gets them back soon, must be heartbreaking
A legend of a musician, I hope they turn up very soon.
Dublin Airport really is a shambles, I read that a Pro Golfers clubs were missing in Dublin Airport at the weekend too.
@Sean McCarthy: Did he lose the head?
@Ciarán O’ Donoghue: they were putting the wrong plane
@Sean McCarthy: the endless stories of missing baggage are terrible and not unique to. Dublin – photos of Heathrow and other airports with stacks of unclaimed luggage are truly shocking – these businesses thatbare responsible for travel services are all charhing full. Prices post pandemic but are constantly pointing to short staff numbers and finger pointing elsewhere – I bet they will all be reporting bumper profits and improved balance sheets this time next year despite not providing the service required – more should be done to pressure better services from providers – offering zero hour minimum wage contracts is not a soultion
Terrible news. Hope he gets them back. All of us who follow Irish traditional music and folk music are in awe of Andy Irvine and what he has done for live music and Irish musician.
Now I realise why aer Lingus are charging extra if u want to bring carry on luggage onto the plan. It used to be the opposite. As in u got charged for check in. But now the chances are so high they will loose your luggage they charge you knowing you’ll pay. Bit like the banks. They’ll never lose. Although with the price of fuel it’s going to be hard to maintain an airline.
He must have had the insured but still …the Dublin Airport farce continues. I’m selling my Greencore shares with that guy in charge.
Not travelling anywhere without dropping an Apple AirTag into checked in luggage now.
Get him a violin and tell him to join the queue
@John B: come up with that yourself?
@John B: That’s a bit Stradivarius of you.
It’s not enough to call the airlines and airports this and that. It would appear one or both are employing staff who are not trained correctly, and/or said staff are under incredible pressure causing these and other mistakes due to lack of staff. — Covid causing staff absense, and Covid responsible for the original staff redundancies. In short: Short Staffed? Give it a year??
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