Formation of new companies exceeds 12,000 in first quarter

Professional services sector accounts for 1,183 new firms in first three months of 2017

Farming saw the highest growth in percentage terms in the first quarter, with new businesses tied to this industry up 45 per cent. Photograph: Bryan O’Brien

Farming saw the highest growth in percentage terms in the first quarter, with new businesses tied to this industry up 45 per cent. Photograph: Bryan O’Brien

 

More than 12,000 new companies were created in the first three months of 2017, figures published on Monday show.

Numbers from company-search and credit-risk analyst Vision-net show 12,626 new businesses were incorporated in the Republic in the first quarter, 10 per cent more than during the same period in 2016.

Vision-net said the majority of industries showed an increase, but professional services led the way, accounting for 1,183 new companies in the first quarter.

Farming saw the highest growth in percentage terms, with new businesses tied to this industry up 45 per cent. Finance, transport and social services also grew.

Dublin accounted for 2,501 new incorporations, making it the strongest performing county. Two of the other four leading counties, Kildare and Meath, are in its hinterland. Cork and Galway made up the rest of the top five.

Insolvencies rise

Business failures also rose, with insolvency climbing 22 per cent to 306 between January 1st and March 31st. These were made up of 155 liquidations, 143 receiverships and eight examinerships.

Vision-net managing director Christine Cullen said the first quarter showed the economy was continuing on a path of steady but slightly uneven growth.

“Traditionally strong sectors such as finance, agriculture and professional services have experienced encouraging levels of growth and the ongoing revival of the construction industry has been well documented in the media,” she said.