A recent Business Barometer Report on the state of the Irish economy indicates that the economy is definitely on the up. Have a look at the indicators they looked at…
The report, published by Vision-net is the Annual Review Business Barometer 2016, focuses on business start-ups and insolvencies as the key indicators of economic health.
The reason being, more start-ups means more employment, which means more wages being spent on eating out, takeaway, retail, and local services in general.
Here’s the summary of the findings:
- 19,472 companies established in 2015, the highest since the millennium and beating the 2006 record of 19,306.
- Including business names and sole trader registrations, the total start-ups was 46,950 in 2015.
- Dublin had the highest number of company start-ups at 9,059 (up 5%), but Cork had the highest year-on-year growth of 24% with 2,079 companies established.
- Company closures were down 40% to 7,188 in 2015, while company insolvencies were down 28% to 1,070 in 2015.
Why is all this so important? Well, about two thirds of all employment comes from indigenous Irish businesses, and many of these are in service industries.
Does it make things easier? Not so much easier, but it does create opportunities with more money being spent.
More new start-ups mean more competition, who maybe have a new consumer proposition. In food, for example, health, obesity, vegan, technology, variety, quality, new products, etc. all continue to impact on the market.
So as always, keep an eye on what you are competing against and don’t be afraid to try new ideas.