Figures show highest July figures for company start-ups since pre-recession 2007
There are further signs the economy is recovering after new figures from Vision-net.ie show the number of company start-ups reached its highest level last month since pre-recession 2007.
More than 1,500 new firms set up in July - 11% more than this time last year - and is equivalent to 49 new companies setting up every day.
The professional services sector was the most popular industry for start ups, (22%) followed by wholesale and retail (10%) and construction (9%).
Christine Cullen, Managing Director of Vision-net.ie , said that last month’s promising figures were "further positive signs of economic renewal".
She said: "July’s company start-up figures are the highest seen in that month in seven years and are indicative of greater business confidence. The strong increase in start-ups will also have a knock-on effect in the wider economy such as in job creation or improving B2B trading.
"This month construction continues to be the sector to watch, having grown to be the third most popular industry for company start-ups. Likewise, a decline in insolvencies in the motoring, construction and real estate sectors is encouraging.
"This decline indicates that these industries are gradually becoming more resilient. While spending on big ticket items, such as cars or new homes, is beginning to recover, albeit from a low base."
