More than 1,500 firms set up last month in seven-year high

More than 1,500 companies were established last month, figures show, representing a seven-year high for this time of the year.

This is the highest number of company start-ups for of July since pre-recession 2007 and works out at almost 49 new companies each day.

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Vision-net managing director, Christine Cullen said that the figures provide “further positive signs of economic renewal” and are indicative of greater business confidence.

“The strong increase in start-ups will also have a knock-on effect in the wider economy, such as in job creation or improving B2B [business-to-business] trading,” she said.

“This month construction continues to be the sector to watch, having grown to be the third most popular industry for company start-ups. Likewise, a decline in insolvencies in the motoring, construction and real estate sectors is encouraging. This decline indicates that these industries are gradually becoming more resilient. While spending on big ticket items, such as cars or new homes, is beginning to recover, albeit from a low base.”