The number of insolvencies last month fell by almost 50% on the same period in 2014, while more new companies were established this month.
Some 49 fewer insolvencies were recorded during August, with the construction industry showing the largest decline in insolvent companies, down 77%.
Dublin accounted for more than half of the insolvent firms, despite a 41% decrease in the number of cases recorded, with Carlow and Cork the second and third most insolvent counties, according to figures provided by credit risk analysts, Vision-net.ie.
“The drop of nearly a half in company insolvencies shows that Ireland’s economy is turning the tide from failure to strong expansion,” said Vision-net.ie managing director Christine Cullen.
“The recovery in the construction industry is particularly impressive.”
The number of startups being established continued to grow, with an average of 114 new firms set up daily.
A total of 3,094 company and business startups represents a 22% increase on the same month last year.
Professional services, social and personal services, and wholesale and retail were the three most popular industries for new startups.
Dublin, Cork, and Limerick were the three most popular locations for new business.
“Last month, new company and business startup growth showed no sign of slowing,” said Ms Cullen.
“It is especially encouraging to see the manufacturing and transport and logistics industries continue to develop. Growth in these sectors is indicative of economic recovery beginning to spread out to wider areas of the economy.”
© Irish Examiner Ltd. All rights reserved