Cork sees increase in start-up companies

4 June 2015
By David O’Sullivan
david@TheCork.ie

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Cork has seen a 32% year-on-year rise in start-ups, Insolvencies dropped by 85% in May, compared to the same period last year.

This sounds like good news, and it comes compliments of Vision-Net.ie, a Dublin based website which aggregates data from the Companies Registration Office and other sources.

Vision-Net.ie says “Professional services, construction and social and personal services most popular sectors for new start-ups”

Other figures are:

  • Cork construction sector saw 233% rise in new start-ups.
  • Cork company start-ups rose by 32% in May compared to the same period last year, according to new figures from I
  • 145 company start-ups were formed in May. Professional services, construction and social and personal services were the three most popular sectors for all new start-ups.
  • Cork construction start-ups rose by 233% compared to the same period last year, from 6 to 20.
  • Cork remains the second most popular county in Ireland for new business.

There was a large drop of 85% in company insolvencies in May, compared to the same period last year. Only 2 Cork companies were declared insolvent, compared to 13 in May 2014.

Commenting on this month’s figures, Christine Cullen, Managing Director of Vision-net.ie, said the rise in new start-up business and drop in insolvencies show the economy is “on a consistent road to recovery”.

“Our data is highlighting growing numbers of new businesses opening up and established businesses becoming less vulnerable to collapse. This increase in start-ups at one end and the decrease in business failures at the other, indicates that a natural balance and normality is starting to return to the Irish economy.

“Furthermore, the increasing popularity of locations outside of Dublin, like Cork, for new start-ups indicate that business environments are now becoming less hostile outside the capital city. It bodes well for a resurgence within our regional business centres,”

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