- by Amy McNeice on 16/10/2023
A 12% year-on-year increase in the number of company start-ups was recorded for the third quarter of 2023, with 185 insolvencies recorded in Q3 this year, versus 120 for the same period last year, according to the latest figures from credit risk analyst CRIFVision-net.
Ireland's economy has remained relatively strong through 2023 in spite of cost-of-living challenges and a mixed global outlook. The year-on-year data for July, August and September suggests that inflationary pressures have driven an uptick in the rate of insolvencies.
During the third quarter, there was a slight increase in insolvencies seen in education, leasing, and retail, all of which had relatively low initial numbers. On a county level, Cork experienced the highest number of new insolvency cases for the quarter, totaling 21.
Overall, there was a 12% increase in the number of company start-ups YoY, with 5,154 start-ups recorded in Q3 this year, versus 4,593 for the same period last year.
19 counties recorded company start-up growth in Q3, with just 7 seeing a YoY decrease versus the same period in 2022. Mayo (66%), Cavan (51%), Carlow (30%), Offaly (28%), Kildare (24) and Louth (20%) recorded the highest Q3 increases in start-ups YoY.
Key urban hubs Galway (18%), Dublin (16%), Limerick (10%) and Cork (8%) all recorded YoY growth for the quarter.
Economic bellweather sectors such as hospitality (+15%), construction (+10%) and IT (+30%) all recorded start-up growth. Meanwhile another key industry, real estate, saw a marginal 1% decrease in new start-ups.
July was the busiest month for new company start-ups (1,852) in quarter, while September proved the quietest (1,563).
Dublin accounted for the largest number of new start-ups nationwide in Q3, recording a total of 2,328 registrations, the number was a 16% YoY increase, up from 2,013 registrations when compared with the same quarter in 2022
The counties to record the highest percentage start-up YoY decrease in the period were Roscommon (-42%), Wexford (-28%), Kilkenny (-26%), Longford (-14%) and Kerry (-10%).
Stay tuned for next week to read what our MD Christine Cullen has to say about the above stats...
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