114 businesses were formed during every day of this month

And less Irish businesses are being declared insolvent

An average of 114 companies were formed in Ireland for everyday in August according to new figures from risk analyst Vision-net.

3,094 start-ups were set up during the month, that's a 22% increase on the same period last year.

Their data also found that less companies are failing, with 58 companies being declared insolvent - that's a decline of 46 percent, year-on-year.

The steepest fall in insolvencies came in the construction sector, they were down by 77% from 26 to six - but it remains among the industries with the most insolvencies, alongside professional services, wholesale and retail.

Professional services, wholesale and retail were also three of the industries with the highest level of start up activity - logistics had the biggest increase, up by 106% in 12 months.

Dublin, Cork and Limerick were the counties where most businesses are being started.