The start-up community is continuing to boom, with more than 1,500 companies incorporated in January, the highest number in six years.
According to Vision-net’s monthly figures for January 2014, there were 1,512 new start-ups incorporated, the highest number since pre-recession April 2008, when 1,541 were incorporated.
Compared with the same period last year there was a 11% jump in the number of new companies being incorporated.
Managing director of Vision- net, Christine Cullen said that the rise in new companies shows the confidence people have in working for themselves.
“The number of new incorporated start-ups in January is the highest in almost six years. This is a very encouraging sign, one that indicates that the Irish economy is taking a turn for the better.
“It also suggests that more individuals are now seeing growth and business opportunities in the Irish economy,” she said.
Surprisingly, the IT sector did not lead the way in new start-ups. The professional services sector saw the vast majority of new companies, accounting for nearly a quarter. Wholesale was the second-largest category with nearly 11% of companies, while even the construction industry saw more new start-ups than the IT sector, which only accounted for 8%.
Compared to January 2008, real estate and construction saw 6.8% and 6% fewer start-ups.
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