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Offaly Had Highest Increase In Start-Ups Last Year

Monday, 22 January 2024 19:05

There are over 220 in the county.

Offaly saw the largest increase in start-ups in 2023.

New figures from credit analyst CRIFVision-net shows the county saw nearly three in ten more start businesses last year, with over 220 now in Offaly.

On the opposite end of the scale, Laois saw one of the largest decreases in the country, at 4%.

There were 260 start-up businesses in the county in 2023.

19 counties around the country saw an increase in the number of start-ups last year.

The strongest performing sectors were motoring, fishing , transport, storage and communication.

Christine Cullen, Managing Director of CRIFVision-net says: 

"In examining the business landscape, we have observed a solid rise in start-ups in 2023.  There seems to be a surge emerging beyond major urban centres. This trend may be influenced by the prevailing housing crisis coupled with low unemployment rates and resource constraints.

Another interesting finding is around business closures. Our latest analysis covers both dissolved entities which encompasses both insolvencies and general closures which offers a more comprehensive view of business discontinuations. Our findings reveal that 33% of companies face closure within the initial four years, with particular vulnerability evident in years 3 and 4.

On insolvencies specifically, our research indicates that 25% of all insolvencies involved companies incorporated in the last four years. This underscores the need for increased local and government support, acknowledging challenges business owners face such as high energy, rental costs and the continued uncertainty caused by inflation.

A need for enhanced assistance during the first five years of operation is crucial.  If we can proactively address these challenges, the Irish government can create an environment that nurtures the growth and sustainability of emerging businesses leading to a more robust and resilient economy."

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