Between 1st January and 28th March this year, company start-ups increased by 13% when compared to the same period last year.

The professional services sector was the most popular industry for start-ups as it accounted for 21% of the 4,912 new companies formed. The sector that saw the biggest increase in numbers was Finance, which saw 554 new start-ups, an increase of 366. This was followed by construction which had 474 new start-ups for the first three months of 2016, an increase of 104.

44% of all start-ups were established in Dublin, while all regions in Ireland (Dublin, Leinster (excluding Dublin), Munster, Connacht and Ulster) experienced a rise in the number of start-ups. The total number of start-ups in Munster exceeded those established in Leinster (excluding Dublin), with 1,199 compared to 998. Compared to the same period last year, the number of start-ups in Munster increased by 26% over the period.

Company insolvencies dropped from 275 in Q1 2015 to 227 in the same period this year - a decrease of 17%. The professional services sector was worst affected and accounted for just over a fifth of all insolvencies recorded - this still represents a small drop when compared to Q1-2015's figure (49 v 53).

A number of industries saw notable decreases in insolvencies recorded this quarter - these include Wholesale & Retail (down 30%), Real Estate (down 38%) and Hospitality (down 57%).

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