Issue 511 (Week ending 11/05/2022)

Over the last decade, Ireland's economy has grown at a rapid rate, experiencing extraordinary growth in addition to harrowing downturns. At present, there is a total of 270,647 registered companies in Ireland with a normal status - an astonishing number.

A Brief History of Irish Company Start-Ups:

Ireland's Celtic Tiger era, also referred to as the 'Boom' between 1995 - 2007, brought periods of rapid economic growth. The phenomenon really saw Ireland evolve economically, with disposable income levels soaring, enabling a substantial increase in consumer spending. New company start-up's peaked in 1998 with an astounding 21,155 set up.

This economic boom was dampened by a sharp economic downturn in 2008. All aspects of the economy were considerably affected, resulting in higher unemployment, lower income, business closures, rise in poverty, higher government borrowing etc. This saw a decrease in the number of new companies opened, dropping to 14,834 in 2008.

Nearing the latter of the economic downturn, Ireland saw a gradual incline in the number of companies starting up, with an average of 17,540 new companies set up in Ireland between 2009 and 2018.

Start-Ups since COVID:

The Covid-19 global pandemic in 2019, saw national closures across all sectors. As a result, unemployment rates were recorded at 31% in April 2020 (CSO). Due to the uncertainty of the economy, many companies simply could not survive and forced to close. The year prior to the pandemic saw, 22,797 companies were set up throughout 2019. In the midst of the pandemic, 2020 recorded 21,927 new companies, a slight dip of 870 compared to 2019. Many of these were the result of forced entrepreneurship, as we all saw and availed of the horse box coffee shop.

Despite a continuing high degree of uncertainty, the Irish economic growth presented a ground breaking year for new company start-ups, reporting 25,696 in 2021. This marked a significant turning point for the economy's Covid-19 recovery.

Thus far, 2022 has documented 8,134 new registered companies in Ireland, indicating a strong sense of market recovery and growth. The top five locations where new companies were created so far this year are, Dublin reporting the highest number of new companies with 3,492, followed by Cork with 869, Kildare with 316, Galway with 303 and Meath closely following with 296.

How Many Of These Companies Are Your Customers:

While there are 270,000 companies registered in Ireland with a normal status, it's estimated that approx. two thirds are actively trading companies (180,000 companies), with the remaining one third used as property management, fund management or subsidiary companies for asset management.

So in more simple terms, we would estimate that there is approx. 180,000 in Ireland looking to trade, that you can do business with. To find the companies that matter most to your business can be hard.

There are endless types of lists which CRIFVision-net can generate for your business. You can use this data to enrich your CRM, and inform your sales team of companies by:

• Size: Large Enterprise or Smaller SME
• Location: Any area or region in Ireland
• Industry: Segment by wider industry or more refined using NACE code
• Credibility: Years in business & Risk Rating
• Revenue: Companies with higher revenue

The opportunities really are endless and there is no better time to look towards growing your customer base with the amount of live companies at its highest ever number!

For more information on any of the above, or to order your own business list, get in touch:

Email: info.vision-net@crif.com Phone: 01 903 2660