Over 1,500 firms set up last month in seven-year high

Over 1,500 companies were established last month, figures show, representing a seven-year high for this time of the year.

The July start-up figure of 1,518, published yesterday by business intelligence provider, Vision-net, marks an 11% year-on-year growth rate (1,371 new firms started in July of last year). It is the highest level of new company creation seen in the month of July since just before the recession took hold in the middle of 2007.

Vision-net managing director, Christine Cullen said that the figures provide “further positive signs of economic renewal” and are indicative of greater business confidence.