23,384 businesses were started in Ireland in 2024

2024 recorded the second-highest number of new Irish companies in over a decade.

There were 23,384 new start-up businesses established in Ireland, according to new data from CRIFVision-Net.

This was a 5.5% increase from 2023 with a similar rise recorded in terms of sole traders and partnerships.

In total, 2024 recorded the second-highest number of new companies in over a decade, following only 2021, which accounted for a surge (25,692), following a backlog post-pandemic.

An attractive location to start a business

“Robust start-up activity in 2024 demonstrates that Ireland remains an attractive place to do business,” said CRIFVision-Net Managing Director Christine Cullen.

“With a 5.5% increase in company formations compared to 2023, 2024 recorded the second highest number of new companies in over a decade, underscoring the entrepreneurial spirit driving the economy.

“The standout sector for start-ups activity was the business support sector, including financial services, accounting and administration services. The continued development of this sector, and the wealth of expertise available in Ireland is appears to be contributing to a business ecosystem that supports entrepreneurs and start-ups, creating a multiplier effect, strengthening and accelerating wider economic activity and ultimately job creation.

“The incoming Government’s priority should be to introduce supports to ensure that the strong momentum in start-ups is maintained, to ensure we retain our position as a dynamic and resilient hub for domestic and international business operations.”

Overall, the insolvency rate for 2024 was up 25% compared YoY to 2023, totalling 838 insolvencies for the year, including SCARP figures.

Within this period, the largest numbers of insolvencies were recorded in the month of December, with a total of 114 an increase of 43 compared to December of 2023. June was the least insolvent month with a total of 48 insolvencies.

Small businesses and start-ups struggling with increased costs and inputs can look to the recently published Programme for Government for an indication of the government’s priorities in the coming term, during which they are expected to double down on measures to ease red tape and the cost of doing business.

A new small business unit in the Department of Enterprise and a cost of business forum, alongside changes to VAT, PRSI and others are among some of the measures being proposed for the small business sector.

Start-ups by sector

In 2024 the majority of industries experienced an increase in start-up activity. The strongest performing sectors were Motor (20%), Real Estate (18%), Transport, Storage and Communication (17%) and IT (14%) recording the highest startup growth YoY.

The construction sector also saw robust activity in 2024 with 2,392 startups representing a 3% increase compared to 2023, demonstrating Irelands on-going demand for housing and infrastructure projects. While Retail and Wholesale were not far behind with 2,302 start-ups in 2024 up 7% on the previous year.

Agriculture (-18%), Electricity, gas and water supply (-15%), Leasing (-6%) and Hospitality (-2%) recorded the biggest drop in new company start-ups in 2024.

Overall, sixteen counties across the country recorded an increase in start-ups compared to the previous year, while eight counties see a decrease compared to 2023.

Start-ups by region

Longford (19%), Dublin (11%), Galway (10%), Louth (10%) all see double digit growth compared to 2023.

Kilkenny (-14%), Roscommon (-11%), Tipperary (-9%), Monaghan (-4%) were the counties to record the highest percentage decrease in the number of startups established year-on-year.

Dublin once again was a major hub for startups in the country with 10,680, with Dublin 3 recording the highest year-on-year percentage increase (+40%) in the capital followed by Dublin 22 (+27%), Dublin 4 (+23%), Dublin 11 (22%) and Dublin 8 (20%).  

Dublin, alongside Kildare, collectively accounted for nearly half of all start-ups, underscoring their role as pivotal hubs for emerging businesses.

Cork continues to be a key area for startups also, the county contributed significantly with 2,268 start-ups, accounting for one in every 10 start-ups, continuing its strong entrepreneurial presence in the national economy.