Latest Bank of Ireland Barometer continues to record limited activity in Business Start-Ups
- 3,343 new companies registered in Q3 2009, up 2.6% on Q2 2009 (3,258)
- Dublin showing the most significant green shoots registering almost 47% of the quarterly total with 1,570 new company registrations, compared to 1,455 in Q2 2009
- 14% decrease in company dissolutions nationally in Q3 2009 (2,847), compared to Q2 of this year (3,164), with only eight counties showing an increase in company dissolutions
Bank of Ireland issues its latest Business Start-up Barometer today, 23 October 2009, which tracks the number of new business start-ups in Ireland on a quarterly basis.
The total number of new company registrations for Q3 2009 was 3,343, up 2.6% on Q2 with 81 additional new companies formed, compared to the Q2 figure of 3,262. The total number of new company registrations year to date is 9,974, down 14% when compared to the same period in 2008, when 11,614 new businesses were established.
Dublin continues to record the highest number of new business start-ups, registering almost 47% of the quarters total, with 1,570 new company registrations, an increase of 116 companies established in the capital, compared with last quarter. However, this figure is up slightly from the same period last year when 1,454 were formed. On a regional level, Laois showed the most marked improvement with 45 new companies being formed in Q3 2009, compared to 21 formations in Q2 this year.
The total number of dissolved companies for Q3 2009 was 2,847, down 11% or by 317 on Q2 from a figure of 3,164. However the number of dissolved companies year to date is 9,541, up 18% from 7,791 companies dissolved during the same periods (Q1,Q2 and Q3 2008) last year. The total number of dissolved companies in Q3 2008 was 2,621.
There was a national decrease of 11% in company dissolutions in Q3 2009, compared to Q2 of this year, which was reflected across the country, with only eight counties showing an increase in company dissolutions in this quarter. Kildare, Kerry, Sligo, Longford and Waterford featured the highest number of company dissolutions.
The services industry, showed an 11% increase in new company registrations compared with Q2, or 1,092 new company registrations for this sector. This represents the highest number of new company registrations for this sector since Q2 2008.
Damian Young, Head of Small Business, Bank of Ireland, commented: “Small and medium enterprises continue to struggle, and face significant challenges in today’s market environment. However as demonstrated in the services sector, there is some evidence that business opportunities are beginning to re-emerge. Well managed, viable, and innovative businesses are more than ever critical for the success of any new, or existing start-up business today”.
The construction industry continues to see the greatest fall in new business activity, with an 11% decrease in business start up activity in Q3, compared with Q2.
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