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Galway start-ups down on last year E-mail
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Wednesday, 11 July 2007
New figures from the Bank of Ireland Business Banking Start Up Baronmeter show that 386 new businesses were registered in Galway in the first six months of 2007. This is down from 507 in the same period last year.

According to Emer McDonnell, Business Marketing Manager at Bank of Ireland in Dublin, this is not a cause for concern. "We've seen a dip coming through on the barometer at this time of the year and it picks up again in late summer/ early autumn".

Nationwide, the rate has recovered from a slump in the last quarter of 2006 to record a slight increase on this time last year, with a total of 10,041 companies registered from January-June 2007, as compared with 10,015 for the same period last year. 51 per cent of all new start-ups are based in Cork, Dublin, Galway, Limerick, Kilkenny and Waterford.

The barometer also shows, interestingly, that up to 10 per cent of these new businesses are being established by foreign national entrepreneurs. According to John Lavelle, Galway Regional Business Manager for Bank of Ireland Business Banking, "Up to 45,000 migrants come to Ireland each year, many of whom will consider starting their own business. We have found that between 6 per cent to 10 per cent of business start-up customers nationally are now from outside Ireland and this wave of new entrepreneurs is helping to boost the start up figures in 2007."

Growth in the service sector continues unabated, with increases specifically in IT, Business and Financial Consulting, and Financial Intermediation companies, while there has been a slight decrease in the number of property management and construction companies.


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