National News - Ten Thousand New Business Startups In 2007

10 September, 2007

There were slightly more startups founded in this period than in the first six months of 2006, when 10,015 companies were founded.

Construction was the most popular field for startups with 1,059 companies setting up since January 2007. This number has dropped, however, from the 1288 construction companies that were started in the first six months of 2006. Property management companies saw a slight increase to 1028 new companies this year.

Other sectors saw less growth than construction did but experienced an increased rate of growth. For example, new IT companies were up 22% to 542, new business and management consultancies were up 31% to 459, and new financial Intermediation companies were up 107% to 298.

Up to 1,000 of new companies registered so far this year are owned by foreign nationals.

Damian Young, Head of Small Business in Bank of Ireland Business Banking, stated, "Up to 45,000 migrants come to Ireland each year, many of whom will consider starting their own business. We have found that between 6%-10% of our business start up customers are now from outside Ireland and this wave of new entrepreneurs is helping to boost the start up figures in 2007."

Souce: Bizplus.ie