Louth saw double digit growth in number of new start-ups last year

Louth saw a 10% increase in the number of new start-ups last year, compared to 2023, and was one of just four counties who saw double digit growth compared to 2023, according to data released this week..

Figures released by CRIFVisionNet, show that Ireland’s entrepreneurial spirit remains resilient, as 2024 recorded 23,384 startups—a 5.5% increase from 2023, with a similar rise in Sole Traders and Partnerships. In total, 2024 recorded the second-highest number of new companies in over a decade, following only 2021, which accounted for a surge (25,692), following a backlog post-pandemic, demonstrating Ireland’s entrepreneurial spirit.

The standout performer for startup activity was the business support sector, with financial services, accounting, administration services – accounting for one in five startups, with 4,876 companies formed in 2024. Strong performance in this sector could provide one explanation for Ireland’s robust business ecosystem, with the abundance of business and financial support businesses in Ireland providing a well of expertise for start-ups to draw upon.

Overall, sixteen counties across the country recorded an increase in start-ups compared to the previous year, while eight counties see a decrease compared to 2023. Longford (19%), Dublin (11%), Galway (10%), Louth (10%) all see double digit growth compared to 2023.

Kilkenny (-14%), Roscommon (-11%), Tipperary (-9%), Monaghan (-4%) were the counties to record the highest percentage decrease in the number of startups established YoY. Dublin once again was a major hub for startups in the country with 10,680, with Dublin 3 recording the highest YoY percentage increase (+40%) in the capital followed by Dublin 22 (+27%), Dublin 4 (+23%), Dublin 11 (22%) and Dublin 8 (20%).

Overall, the insolvency rate for 2024 was up 25% compared YoY to 2023, totalling 838 insolvencies for the year, including SCARP figures. Within this period, the largest numbers of insolvencies were recorded in the month of December, with a total of 114 an increase of 43 compared to December of 2023. June was the least insolvent month with a total of 48 insolvencies.

In 2024 the majority of industries experienced an increase in start-up activity. The strongest performing sectors were Motor (20%), Real Estate (18%), Transport, Storage and Communication (17%) and IT (14%) recording the highest startup growth YoY. The construction sector also saw robust activity in 2024 with 2,392 startups representing a 3% increase compared to 2023.

While Retail and Wholesale were not far behind with 2,302 start-ups in 2024 up 7% on the previous year.
Agriculture (-18%), Electricity, Gas and Water supply (-15%), Leasing (-6%) and Hospitality (-2%) recorded the biggest drop in new company start-ups in 2024.

Commenting on the 2024 figures, CRIFVision-Net Managing Director Christine Cullen said: “Robust start-up activity in 2024 demonstrates that Ireland remains an attractive place to do business. With a 5.5% increase in company formations compared to 2023, 2024 recorded the second highest number of new companies in over a decade, underscoring the entrepreneurial spirit driving the economy.

“The standout sector for start-ups activity was the business support sector, including financial services, accounting and administration services. The continued development of this sector, and the wealth of expertise available in Ireland is appears to be contributing to a business ecosystem that supports entrepreneurs and start-ups, creating a multiplier effect, strengthening and accelerating wider economic activity and ultimately job creation.

“The incoming government’s priority should be to introduce supports to ensure that the strong momentum in start-ups is maintained, to ensure we retain our position as a dynamic and resilient hub for domestic and international business operations.”