BoI: Business start-ups on the rise

Bank of Ireland business banking's business start-up barometer issued today shows that 15,381 new companies have been established in the Republic of Ireland to date.

This level of new business activity is slightly ahead of this time last year when 15,161 new business start-ups were recorded.

The real estate sector has overtaken the construction and civil engineering industry as the most popular sector for business start-ups with an increase of 5% in new businesses (1,505).

Despite there being 20% fewer companies in the sector, construction and civil engineering remains a close second with 1,482 companies formed this year.

Consultancy is also a popular start up choice with 716 new businesses established in the first ten months of 2007.

Dublin remains the location of choice for Irish entrepreneurs with 5,602 (5,479 in Oct ’06) businesses choosing to locate in the county.

Cork has taken a higher share of new business this year with 1,274 companies while Galway (607) remains the third most popular county despite a 15% decrease in activity compared with 2006.

Finally, a recent report compiled by the Global Entrepreneurship Monitor indicates that Ireland ranks third highest in the EU in terms of early stage entrepreneurial activity.

One-in-five Irish entrepreneurs have high growth aspirations for their business indicating a positive outlook for start up businesses in the coming year.

The research also revealed that the average start up investment for new businesses is €40,000 which is primarily self-funded or funded by family members.