Number of start-ups in Cork sees 45% increase

Number of start-ups in Cork sees 45% increase

According to new data from credit risk analyst CRIFVision-Net, there was a 42% increase in start-ups as the economy began to reopen this year.

THERE was a 45% increase in the number of start-ups in Cork in 2021.

According to new data from credit risk analyst CRIFVision-Net, there was a 42% increase in start-ups as the economy began to reopen this year.

A total of 13,955 companies were registered nationally in the first half of 2021 compared to 9,860 in the first six months of 2020.

Within this period, March was the strongest month for start-ups recording a total of 2,715 registrations. However, the second quarter of the year proved to be the busiest, recording a 20% growth in company registrations compared to the first quarter.

Cork and Galway experienced the largest growth of all the urban areas outside the capital with registrations representing a 45% rise in each county.

According to the data, Cork saw 1,399 registrations, while Dublin which accounted for the largest number of new start-ups, recorded 6,631 new registrations.

The legal, accounting and business sector accounted for the largest portion of new start-ups in the first six months of the year, registering 2,543 new companies.

Despite ongoing restrictions on the hospitality sector, hotels and restaurants have also experienced an increase in start-ups, recording 728 new start-ups.

Community, social and personal services were the only industry that experienced a decline in growth, with only 942 new registrations this year which was a decline of 13%.

However, the impact of Covid-19 on companies can easily be felt, with 371 companies becoming insolvent during the first two quarters of this year, representing a 45% increase on the same period last year.

CRIFVision-net managing director Christine Cullen, said while the Covid-19 pandemic provides “incalculable challenges” for many businesses, “the tenacity of the Irish entrepreneurs is an encouraging force for economic recovery”.

However, she said many businesses are struggling and will continue to struggle for the foreseeable future.

“Therefore, every support should be given to protect new companies and ensure their growth and development,” she said.

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