- by Patrick Cooney on 15/12/2020
As we head towards the end of a turbulent year for Irish business, a positive sign of a possible recovery in company start-ups is appearing. Although start-up figures saw a very large decrease in the second quarter of this year, reaching a 5 year low in April (1,075), thankfully a rise in start-ups in August has continued into the last three months of this year.
November 2020 saw it's figures eclipsing last year with a huge 2,832 companies registered in the month. This figure is the largest on record for a single calendar month and represents a 64% increase compared to November 2019 (1,732). October and September also saw a small increase in figures compared with 2019 with 1,845 (up 2%) and 1,985 (up 4%) new companies respectively.
Compared with the low of April, November's sharp increase in company start-ups represents a 163% difference, showing a promising upswing in confidence in the economy as people set up new companies and entrepreneurship continues.
The industries which saw the majority of start-ups during November were in professional services, with Financial Intermediation (557) and Legal, Accounting and Business (556) seeing the most new companies. Wholesale/Retail followed with 325 start-ups, even though most non-essential retail closed due to Government restrictions during the month.
270,000 Active Companies
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Confidence has been reduced and uncertainty has increased, forcing Irish businesses to implement many different preparations.
So far in 2020 the full effects of the economic downturn as a result of the Covid-19 crisis in terms of company insolvencies has yet to fully show.