New Zealand Incorporates 62,061 Companies by July, Highest Since 2021 Despite Economic Crunch
Updated
Updated · RNZ · Aug 11
New Zealand Incorporates 62,061 Companies by July, Highest Since 2021 Despite Economic Crunch
1 articles · Updated · RNZ · Aug 11
Summary
62,061 companies were incorporated in New Zealand in the year to July, the strongest annual total since 2021 and only the second time since 2007 that new registrations topped 60,000.
603,549 businesses were operating in June, up from 596,124 a year earlier, as incorporations spread beyond about 5,000 trustee and property vehicles to construction, software, restaurants, clothing retail and takeaways.
48% growth in construction sole-trader activations and a drop in first-time self-employed people with salaried jobs to 37% from 40% suggest more workers are turning fully to self-employment rather than side hustles.
21% of first-time sole traders were under 25, up from 16%, indicating weaker youth job prospects may be pushing younger New Zealanders to start businesses.
Economists and industry groups said closures and ownership churn are creating openings for new entrants, with some founders betting conditions will improve even after a prolonged downturn.