Unveiled: Lancashire’s growth hotspots
Key hotspots for growth in Lancashire have been revealed by new in-depth research into the county’s economic health and wellbeing.
Chorley leads the way in the list, followed by Accrington. Preston, Burnley, Lancaster and Lytham make up the top six.
The study was carried out by the Business Growth Research Group (BGR) at Edge Hill University’s Productivity and Innovation Centre
It was produced to coincide Lancashire Business View’s Hot 100 league table of the county’s most profitable SMEs.
The research team analysed around 3,600 high-growth businesses. Combined, these companies are delivering £4.6bn to Lancashire’s economy and employ more than 46,000 people.
In Chorley, 7.4 per cent of companies are achieving compound annual growth rate of 20 per cent. And they are generating £564.2m in turnover.
Accrington’s figure is 7.1 per cent while in Preston it is seven per cent. The city also records by far the biggest turnover in the growth hotspots top six – generating £1.4bn. It also has the largest number of growth companies.
There is so much more to Lancashire’s economy than manufacturing when it comes to delivering growth.
Professor Simon Bolton, associate dean and chair professor for innovation at Edge Hill, who led the research, said: “We have found six key growth hotspots in Lancashire. These are areas that are seeing very stable growth and brilliant potential for the future.
“We have looked at companies achieving compound annual growth rate of 20 per cent, which is a phenomenal figure. This isn’t short term growth either; these are established companies who have a large asset value and turnover.”
He added: “Size certainly doesn’t matter. Chorley, Accrington and Lytham are very much punching above their weight.
“What is interesting in these figures is the fact that we see there is so much more to Lancashire’s economy than manufacturing when it comes to delivering growth.”
A full version of this story can be found in the latest issue of Lancashire Business View which also includes the Hot 100 list of the county’s most profitable SMEs.