Some 3,653 new businesses were set up in May, 24pc more than the same month last year, according to figures released today by

The number of insolvencies during the month was down by 38pc to 79 during the month.

The company said 59pc of all new registered business names in May were sole traderships.

Professional services accounted for almost 30pc of all company start-ups (up 35pc on May 2014), while the wholesale and retail sector made up 10pc of start-ups and social and personal services accounted for 9pc. Construction and hospitality start-ups rose by 15pc and 27pc year-on-year, respectively.

In Dublin, 699 new companies were set up in May. Limerick was the location for 145 new businesses, up 71pc over the same month in 2014. And there were 48 start-ups in Cork during the month, 32pc more than a year earlier.

Dublin accounted for just over half of all insolvencies (40), followed by Galway (eight) and Limerick (five). Counties Carlow, Kerry, Laois, Leitrim, Mayo, Westmeath, Wicklow, Kilkenny, Offaly and Roscommon reported no insolvencies.

Wholesale and retail businesses accounted for 16.5pc of all insolvencies, followed by hospitality (15pc) and manufacturing (14pc). In wholesale and retail, insolvencies were down by 19pc year-on-year.

The construction industry experienced a 48pc drop in insolvencies when compared to May, 2014 (21 to 11), while professional services insolvencies fell by 55pc (22 to 10).

Christine Cullen, managing director of, said the rise in new start-up business and drop in insolvencies show the economy is “on a consistent road to recovery”.

“Our data is highlighting growing numbers of new businesses opening up and established businesses becoming less vulnerable to collapse,” she said. “This increase in start-ups at one end and the decrease in business failures at the other, indicates that a natural balance and normality is starting to return to the Irish economy.”