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Due to a technical problem on Wednesday Jan
16, we are upgrading the news management system by a Canadian
software company, which will be
completed in coming days.
It has taken longer than
anticipated. That is one of the drawbacks of outsourcing. C'est
la vie - even Google News updating falls behind at times!
We expect to have our upgraded
news system on stream on Wednesday.
 Business
News Headlines to Jan 16 2008
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Tuesday's stories and links from Jan 17 2008
Bank of Ireland says
new Irish business start-ups were robust in 2007
-
18,740 new limited companies
formed in 2007
-
Growth in new business
remains strong
-
Strongest growth recorded in
Restaurant sector with a 30% increase in the number of start-ups
-
Dublin remains the top
location (6,996) but increased evidence that start-ups are beginning to
expand into satellite towns
-
Small businesses must remain
adaptable and innovative to overcome the challenges ahead
Bank of Ireland Business Banking today issued
its latest Business Start-up Barometer
that tracks the number of business start-ups in Ireland. The Barometer shows
that, despite a turbulent economic year, 2007 was a strong year for new
businesses with 18,740 new limited companies formed. However, the Barometer
does show a slight decline of just over 2% when compared with the number of
start-ups in 2006 (19,221).
The data
does not provide an absolute measure of entrepreneurial activity as the total
includes new companies established by existing businesses including for example
new operations at Dublin's International Financial Services Centre.
On a sectoral basis, Construction and Real Estate still remain the most popular
start-up business sectors, with 1,714 and 1,804 new businesses respectively.
However, the recent economic climate has undoubtedly affected entrepreneurial
activity in these sectors, with new business registrations in Construction and
Real Estate declining by 26% and 25% based on 2006 figures. The barometer
indicates the continued trend for diversification in the small business
marketplace, with growth in consumer–based businesses outstripping the
traditional sectors. For example, the restaurant sector expanded significantly
last year with 528 new restaurants setting up – this represents a 30% increase
on 2006. This expansion has been driven by changes in Irish consumption
patterns, increased expenditure on food and the growth in food retailers
throughout the country.
Consistent with previous year’s results, Dublin remains the prime location for
Irish entrepreneurs with 6,996 (7,006 in 2006) businesses establishing in the
capital. Interestingly, 2007 also saw growth in new businesses setting up in
Dublin’s satellite towns, where start-up activity increased by an impressive 37%
in Louth while Kildare experienced over 10% growth. Cork’s popularity increased
slightly in 2007 (1.2%) as 1,545 new limited companies set up in the county. And
while Galway (731) and Limerick (603) continue to hold the third and fourth
position, both counties experienced a decline in entrepreneurial activity of 15%
and 11% respectively.
Commenting on the figures released today, Dr Dan
McLaughlin, Group Chief Economist, Bank of Ireland said:
“The number of start-ups has held up well despite
the reported falls in industry and consumer confidence, showing that new
businesses are prepared to look through any near-term cyclical slowdown and to
focus on the medium-term outlook.”
Damian Young, Head of Small Business, Bank of Ireland
Business Banking said: “Encouragingly,
the findings of the barometer indicate that at an overall level the business
environment for starting a new business remained relatively stable in 2007.
However, while some sectors continue to perform well, it is clear that the
current market presents many challenges for new businesses in Ireland. Increased
energy costs, more stringent legislation and the decline of Ireland’s
competitiveness in the global marketplace will continue to test start-ups in the
coming year.
“2007
was certainly a year of two halves but remained a strong year overall for
business start-ups. Undoubtedly, 2008 will present new challenges for both new
and existing companies but the key to success for Irish businesses in 2008 will
be their ability to focus on their business goals and to be adaptable to
environmental changes. The barometer indicates that, more than ever, people are
looking to new businesses as a choice of employment and I believe that
opportunities will continue in 2008 for innovative and focussed businesses,”
added Damien Young.
Top Locations
for Business Start-Ups in Ireland
|
County
|
2007
|
| Dublin |
6,996
|
| Cork |
1,545
|
| Galway |
731
|
| Limerick |
603
|
| Kildare |
429
|
| Meath |
362
|
| Donegal |
356
|
| Tipperary |
288
|
| Kerry |
276
|
| Wexford |
267
|
| Louth |
260
|
| Wicklow |
235
|
| Clare
|
203
|
| Mayo |
194
|
| Waterford |
163
|
| Kilkenny |
159
|
| Cavan |
148
|
RELATED
Global Entrepreneurship
Monitor 2008: Exports key role for entrepreneurs in High-Income Countries;
Ireland fourth in group for Early-Stage Entrepreneurial Activity among 18-34 olds but lower for older
workers |
