Ireland’s startup industry has continually grown each year, and that trend remains the same first the first half of 2017.
Almost 1900 new startups were established every month for the first six months of 2017, indicating a 6% increase on figures for the same period in 2016.
With the exception of June, company startups were up every month compared to 2016 – including by nearly 20% in January, according to the research carried out by business and credit risk analyst Vision-net.ie.
The professional services sector proved to be the most popular sector for company startups, with almost one in five new companies operating in this area.
This was followed by finance, which saw an 18% rise in startups and social and personal services, which was up by 50%. Other sectors that performed well during this period include construction, real estate and agriculture.
Dublin also retained its status are Ireland’s economic hub with almost half of all new startups in this period being established in the capital. Cork, Galway and Limerick also performed well, whereas Cavan was the only county not to record a single startup in the first half of 2017.
Commenting on the findings, Vision-net.ie managing director, Christine Cullen, said: “It is very encouraging to see continued growth in company startups over a sustained six-month period and, importantly, in a diverse number of industries including finance and construction. This indicates that Ireland’s economic growth is continuing at a steady pace.”
“We cannot discount the effects of Brexit. Many Irish industries rely heavily, often exclusively, on the UK for trade. As British businesses and consumers feel the pinch of higher living costs and a weaker sterling, many Irish businesses will find their revenue streams disrupted, whether they are food and drink exporters in Dublin or hoteliers in Kerry. If this continues, the consequences for our economy will be severe, particularly in less developed parts of rural Ireland,” said Ms Cullen.
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