20,000 start-ups expected this year, says BOI survey

UP to 20,000 new businesses will be formed in Ireland this year, according to a Bank of Ireland survey.

Not surprisingly, Dublin is the top location for start-ups, with over 5,700 new businesses established there this year.

Over 1,200 companies were formed in Cork and 631 in Galway. Limerick also rated highly in the analysis with 507 companies established there so far this year.

One in 12 working adults are engaged in entrepreneurial activity, according to the survey, which also said there have been 3,375 new name registrations in Ireland this year.

The Bank of Ireland business banking barometer tracks the number of companies formed on a sectoral and geographical basis.

The barometer also shows that April to June were the busiest months for company formations, with 4,068 companies established during that period.

On a sectoral basis, the highest number of companies formed were those in the construction and civil engineering sector, with 1,831 companies established.

This was followed closely by estate agencies and property management companies, which accounted for 1,065 and 901 new start-ups.

There were over 750 business and management consultancy services companies set up, while 463 software consultancy and supply companies were formed, despite ongoing pressures in the IT sector.

Head of business marketing at Bank of Ireland, Dermot Nolan said: “Ireland has been recognised by the Global Entrepreneurship Monitor as being the second most entrepreneurial country in the EU with one in 12 working adults currently engaged in entrepreneurial activity.

“This analysis certainly supports this finding and we expect the number of business start-ups to top 20,000 this year.”