New company start ups in 2015 were at their highest level since the turn of the millennium, according to the business and credit risk analyst,

19,472 new companies were formed last year, beating the previous record of 19,306 in 2006. 

The figures point to a marked turnaround in fortunes for the manufacturing, construction and hospitality sectors where there was a fall in the number of insolvencies and a rise in start-ups.

In 2015, construction sector start-ups increased by 24%, from 1,323 to 1,643. 

Start-ups in the hospitality sector were up by 11%, from 1,150 to 1,278 while the manufacturing sector recorded an increase in start-up activity of 19%, from 790 to 937.

Dublin was the centre for start-up growth in 2015 and accounted for almost 47% of all new start-ups.

Insolvencies decreased by 28% in 2015 with 1,070 recorded compared 1,479 in 2014. 

The top three insolvent sectors were professional services, construction, and wholesale and retail, but all experienced a decline compared to 2014.

Dublin, Cork and Galway were the counties with the greatest number of insolvencies, but all three experienced decreases. 

Dublin in particular saw a significant decrease of 37%, from 709 to 444.