Growth trend for start-ups ongoing

NEW business start-ups showed further growth in 2006, maintaining an unbroken trend since 2002.

As a result, one-in-10 Irish adults describe themselves as early stage entrepreneurs — and the growth in business confidence is set to grow again in 2007.

Statistics published yesterday by the Business Start-up Barometer from Bank of Ireland, based on data compiled by Vision-Net.ie, shows company registrations increased by 11% in 2006 to just under 20,000.

New registrations have been on the increase since 2002, with 14,361 new companies set up in 2003 and 15,677 in 2004.

Dublin remains the most popular choice for entrepreneurs, with 7,006 choosing to locate in the county, followed by Cork where 1,524 companies were formed.

Galway runs Cork a close third with 1,193 new formations, with Limerick further behind with just 676 companies setting up there.

June 2006 was the busiest month for start-ups, with 1,927 new registrations, said the report. The figures reflect a buoyant economy and the supportive tax regime, the bank said.

Property continues to dominate, with construction and civil engineering accounting for 2,312 start-up companies.

In tandem with that, real estate also continued to grow, despite recent speculation of a slowdown in the Irish property market.

Real estate occupied the second and third spots in the league table boasting 1,286 real estate management company starts, followed in third by the establishment of 1,131 real estate development and sales companies.

Rumours of the demise of the pub trade are not borne out by the figures, as 234 new bars opened.

That was well behind the number of new restaurants, which accounted for 441 of the total companies registered last year.

Bank of Ireland business banking recruitment manager, Emer McDonnell, said: “Over 60,000 new companies have registered in the past four years.”