'Business is booming': Record high as number of firms in Northern Ireland hits 95,056 at the end of 2024
Belfast formed the most new businesses (7,915), followed by North Down and Ards (1,459), and Londonderry and Strabane (1,328)
Recently published figures show that the number of companies in Northern Ireland hit a record high during 2024.
An all-time high of 95,056 companies were based in the country at the end of the year, an increase of 11.5% in 12 months, including 17,408 new formations.
The statistics are taken from the Inform Direct Review of Company Formations, using data from Companies House and the Office for National Statistics.
Belfast formed the most new businesses (7,915), followed by North Down and Ards (1,459), and Londonderry and Strabane (1,328).
John Korchak, managing director at Inform Direct, said: “It is really good news that Northern Ireland can celebrate a record number of companies at the end of 2024.
“The year undoubtedly presented a range of challenges for business with the uncertainty of the General Election, the introduction of new regulations and concerns over Labour’s first Budget in October which included the increase in employer National Insurance. World events also played a part in economic volatility with the US Election and instability in the Middle East high up on the list.
“Despite all these factors, businesspeople in Northern Ireland demonstrated great resilience and inspired leadership, evidenced in this successful result.”
The UK as a whole mirrored this trend with a record total of 5,637,210 companies, up from 5,476,772 at the end of 2023. There were 848,192 formations during the year and 690,501 dissolutions.
Of the 719,157 formations in England, well over one third were in London (280,423). 38,273 were in Scotland and 39,821 were in Wales.
To see a more detailed picture of company formations in Northern Ireland – including a full local breakdown visit here.
To see the report in full, visit here.
Inform Direct, part of Bright Software Group, is a company secretarial and formations specialist. Its award-winning company secretarial and formations software currently supports more than 450,000 UK companies.