Company formations topped 18,000 last year – highest since 2007

Company start-ups reached a seven-year high last year, with almost 18,000 new companies being formed, the first time this has happened since 2007, according to credit and business risk analyst, Vision-net.ie.

The number of start-up firms registering at the Companies Office rose 14 per cent in 2014, while last month was the best December for start-ups since the millennium.

Data from Vision-net.ie shows further recovery in the property sector: 1,067 new companies were set up in 2014 compared to 693 in 2013, an increase of 54 per cent.

The construction sector saw a 33 per cent increase in new entrants in 2014 compared to 2013, with 1,322 company formations. It was the fifth most popular industry for start-ups in 2014. Meanwhile, finance saw an almost 30 per cent increase in start-ups last year, with 992 company formations compared to 766 in 2013.

The IT sector recorded its second highest total of new players since the millennium. More than 1,400 new IT companies set up in 2014, the best figure since 2000 when the dot-com boom was in effect and 2,040 new IT firms were formed.

Positive outlook

Vision-net.ie managing director

Christine Cullen

said the seven-year high in company formations, and the best performing December since 2000, signals a positive outlook for companies in 2015.

“It is encouraging that counties Cork, Limerick, Clare, Tipperary, Louth and Wicklow all saw increases in start-up numbers in 2014. This could be a sign that start-up levels in some rural areas are beginning to climb back to pre-recession levels,” she said.