Limerick 6th for business start-ups
BANK of Ireland has issued its latest Business Start-up Barometer report and it shows that the total number of new company registrations for Q3 2009 was 3,343, up 2.6 per cent on Q2 with 81 additional new companies formed, compared to the Q2 figure of 3,262.
The total number of new company registrations year to date is 9,974, down 14 per cent when compared to the same period in 2008, when 11,614 new businesses were established.
Limerick shows the 6th highest level of new business start-ups in the quarter with 87 new businesses being formed in Q3 2009, although the numbers show a decline when compared to Q2 in 2009 when 126 new businesses were formed. Limerick also showed the second lowest amount of company dissolutions in the quarter.
Dublin continues to record the highest number of new business start-ups, registering almost 47 per cent of the quarters total, with 1,570 new company registrations, an increase of 116 companies established in the capital, compared with last quarter.
The total number of dissolved companies for Q3 2009 was 2,847, down 11 per cent or by 317 on Q2 from a figure of 3,164. However the number of dissolved companies year to date is 9,541, up 18 per cent from 7,791 companies dissolved during the same periods (Q1,Q2 and Q3 2008) last year. The total number of dissolved companies in Q3 2008 was 2,621.
There was a national decrease of 11 per cent in company dissolutions in Q3 2009, compared to Q2 of this year, which was reflected across the country, with only eight counties showing an increase in company dissolutions in this quarter. Kildare, Kerry, Sligo, Longford and Waterford featured the highest number of company dissolutions.
The services industry, showed an 11 per cent increase in new company registrations compared with Q2, or 1,092 new company registrations for this sector. This represents the highest number of new company registrations for this sector since Q2 2008.
Gerry Reeves, regional manager – West Munster, Bank of Ireland, commented: “Small and medium enterprises continue to struggle, and face significant challenges in today’s market environment. However as demonstrated in the services sector, there is some evidence that business opportunities are beginning to re-emerge. Well managed, viable, and innovative businesses are more than ever critical for the success of any new, or existing start-up business today”.
The construction industry continues to see the greatest fall in new business activity, with an 11 per cent decrease in business start up activity in Q3, compared with Q2.
