NEW BUSINESS openings in Limerick have remained stagnant in the first quarter of this year, new data shows.
A report by CRIFVision-net, a credit risk analysis website, showed there was a zero per cent change in newly-registered business openings in Limerick from January to March this year.
Reported in the Business Post, the CRIFVision-net report shows that there was no new business growth in quarter one of 2024 for Limerick.
This is contrary to the national trend highlighted in the report, with an overall increase of 9.8 per cent of new business growth nationally in the first quarter.
Despite the growth nationally, CRIFVision-net described a “challenging” time for businesses, with the number of insolvencies increasing by over 50 per cent year-on-year, according to PwC and Deloitte, who found that insolvencies are at their highest point since the outbreak Covid-19.
Nationwide, sectors such as construction, IT, and manufacturing saw an increase in new business registrations, while areas such as education, electricity, gas and water supply, agriculture, hunting, and forestry saw decreases.
There were mixed fortunes for the hospitality industry, with a 13 per cent increase in the number of new hospitality businesses that registered, while in January there was almost 2,000 insolvencies in the sector.
There were 1,916 insolvencies in the first month of this year, compared to 639 for the same period last year.
Christine Cullen, managing director of CRIFVision-net, said: “At a high level, it is encouraging to see company start-ups increase by 10 per cent year-on-year, however, within this, numerous prominent sectors continue to face difficulties.”
“The challenges facing the hospitality industry have been well documented and this is borne out in the dramatic spike in insolvencies across the sector. Despite this backdrop, it is encouraging to see new hospitality start-ups grow by 13 per cent year-on-year.”
