- by Amy McNeice on 12/10/2022
A 16% decrease in company start-ups was recorded year-on-year for Q3 of 2022, according to our latest CRIFVision-net figures. These figures indicate that significant global uncertainty contributing to the cost-of-living crisis, visible through inflation, soaring energy prices and borrowing costs, are causing woes for businesses in the domestic marketplace.
It is the third consecutive quarter of contraction in the sector, adding further concerns over the future impact of these inflationary pressures, ahead of what is expected to be a fiscally tough winter for business owners.
Only six counties recorded a year-on-year decrease for the Q3 period. Leitrim recorded 15 new companies (27%), Laois had 21 (16%), Mayo had 16 (9%), Cavan had 8 (6%), Longford had 1 (2%) and Westmeath had 2 (+1%).
Insolvencies also increased by 32% for Q3, with decreases in bellwether sectors for the Irish economy like real estate, agriculture, manufacturing and construction all suggesting that this period of cost increases will likely remain a challenge for some time.
The figures do show, however, that the number of companies dissolved for the three-month period spanning July, August and September decreased by 21% compared to the same period last year (Q3 2022 vs Q3 2021).
Urban hubs of Dublin, Cork, Galway, Limerick all saw significant contraction in numbers of dissolutions year-on-year.
Another bright spark is that spite of the 16% decrease in start-ups during the quarter, there was still a considerable number of companies created each month suggesting there are many businesses and entrepreneurs willing to invest in new ventures even though there is a very challenging economic backdrop.
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