New government data shows where a business start-up in the north is more likely to live - or die.
Figures from the Northern Ireland Statistics and Research Agency (Nirsa) reveal that 5,370 new businesses were formed in the north in 2023.
That was was marginally down (0.3%) on the previous year and at its lowest level in 12 years.
On the flip side, there were 5,110 business deaths in Northern Ireland in 2023.
That business death rate (7.9%) has fluctuated between 6.6% and 8.0% since 2014 and is 1.2% below the series high in 2012.
Business death rates, when compared with 2022, showed decreases across all four regions within the UK, the first time this has happened since 2018.
The number of business births was greater than the number of deaths for nine district council areas in the north.
Business birth rates increased for five of the 11 district councils.
| District Council Area | Business deaths 2023 | Business births 2023 |
|---|---|---|
| Antrim & Newtownabbey | 305 | 315 |
| Causeway Coast & Glens | 335 | 340 |
| Fermanagh & Omagh | 355 | 360 |
| Lisburn & Castlereagh | 450 | 365 |
| Ards & North Down | 360 | 370 |
| Derry City & Strabane | 355 | 370 |
| Mid & East Antrim | 325 | 415 |
| Mid Ulster | 415 | 480 |
| Armagh City, Banbridge & Craigavon | 670 | 610 |
| Newry, Mourne & Down | 595 | 625 |
| Belfast | 945 | 1,120 |
| TOTAL | 5,110 | 5,370 |
Mid and East Antrim had the highest business birth rate (10.3%), whilst Fermanagh and Omagh, and Mid Ulster shared the lowest (7.1%).
Business death rates decreased across seven district council areas over the period. Armagh City, Banbridge and Craigavon, and Lisburn and Castlereagh City saw increases of more than 1% with Fermanagh and Omagh, and Newry, Mourne and Down seeing small increases. Mid Ulster had the lowest death rate (6.1%) across the region for the seventh consecutive year.
Broken down down by sector, transport and storage (including postal) saw the largest decline in the number of new firms – down by 215 businesses, year-on-year.
The report said: “This industry had witnessed significant increases in the number of businesses since 2019, which coincided with the Covid-19 pandemic and the need for home delivery services.
“The business death rate was greater than the birth rate for five of the 15 broad industry groups, including transport and storage, and finance and insurance.”
The Nisra data is sourced from the Inter-Departmental Business Register (IDBR), which looks at all companies paying PAYE and VAT of above £85,000, and is based on businesses registered in Northern Ireland (excluding agriculture and the public sector).
The number of businesses with an active VAT and/or PAYE registration in Northern Ireland in 2023 was 65,000, or just over 2% of the 2.9 million businesses in the UK.
The report stresses that a business birth does not necessarily equate to a new business starting, while a business death does not necessarily equate to a business closing.
