Company start-up registrations reach five-year low
Company start-up registrations in Ireland reached a five-year low in the first half of 2020, according to new figures, but there may be signs of a recovery.
In January, company start-up registrations exceeded 2,200 in a single month for the first time ever, according to the figures published by CRIF Vision-net.
However, the COVID-19 pandemic took its tolls, with just 9,853 company start-ups recorded in the first half of the year, the lowest number on record since 2015 (8,981).
The brunt of the pandemic was particularly evident between the months of February and May when start-up registrations declined by almost 30 per cent compared to the same period in 2019. April was the worst month for start-ups ,with a total of 1,075 registrations.
There is hope, however, that the latest figures from June suggest early signs of recovery, with new company start-ups rising to 1,701, higher even than June 2019.
Christine Cullen, managing director at CRIF Vision-net, said: “These early signs of growth are extremely encouraging, and we must now look to build on these to encourage regrowth within the sector. The measures and supports outlined in the Government’s July Stimulus Package is a vital step in the right direction, demonstrating a strong commitment to rebuilding the economy at all levels.
“Supports including the extension of the Restart Grant for Enterprises and the Future Growth Loan Scheme will most certainly be welcomed by those in the business community and will play a massive role in the recovery of the sector going forward.
“To this end, it is vital that industry and Government continue to work together to ensure that the necessary supports remain available to businesses in this challenging period.”