The Barometer, which monitors the number of business start-ups in Ireland, shows that it has been another excellent year for start-up activity with 15,381 new companies established to date. This level of new business activity is slightly ahead of this time last year when we recorded 15,161 new business start-ups.

On a sectoral basis, the real estate sector has overtaken the construction and civil engineering industry as the most popular sector for business start-ups with an increase of 5% in new businesses (1,505). Despite there being 20% fewer companies in the sector, construction and civil engineering remains a close second with 1,482 companies formed this year. Consultancy is also a popular start up choice with 716 new businesses established in the first ten months of 2007.

The findings are backed by a recent report compiled by the Global Entrepreneurship Monitor which indicates that Ireland ranks third highest in the EU in terms of early stage entrepreneurial activity. One in five Irish entrepreneurs have high growth aspirations for their business indicating a positive outlook for start up businesses in the coming year. Interestingly, the research also revealed that the average start up investment for new businesses is €40,000 which is primarily self-funded or funded by family members.

Commenting on the figures released today, Dr Dan McLaughlin, Group Chief Economist, Bank of Ireland said,  “It is interesting to note that the level of new business start-ups is still running ahead of last year, suggesting that confidence in the medium term outlook for the economy remains positive in the business sector, despite the consensus view that GDP growth will slow in the near term”.

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