Our June 26 #InTheCity event saw Preston Partnership return to OneCoWork on Winckley Square as we delved into what could drive growth in Preston’s economy over the coming years.
Preston has the economic assets, critical infrastructure and business ambition for sustained economic growth among the key takeaways from our latest event, which included a preview of interim findings of Preston Partnership’s new Economic Plan for Preston, set to be launched this Autumn. .
Sarah Thompson, associate director Metro Dynamics who were commissioned by Preston Partnership to prepare the report kicked off the event by sharing key insights which will feature in the report.
Developing a strong narrative
She said: “We have had a huge amount of investment into Preston in recent years and we have got a supportive policy environment. What has been missing is a strong economic narrative to highlight where growth is going to come from.”
Sarah explored how Preston’s economic assets could drive increased growth over the coming years. These include its strong transport links as well as its talent pool, driven by institutions including the University of Lancashire, which hosts nationally recognised centres for engineering and innovation, and means Preston is home to 40,000 students.
Insights on the Lancashire economy highlighted the city’s high job density (1.11 jobs per resident), £5.6bn annual contribution to the regional economy and the strong growth of Preston’s digital, energy and hospitality industries.
Attendees also heard how Preston’s professional and business service sector employs over 5,600 people and contributes £250m to the local economy, as well as the strength of Preston’s key industries such as cyber, defence, aerospace and nuclear which are critical industries for the Country.
Sharing feedback from Preston Partnership members collected through a survey on the city’s economy, Sarah highlighted a key theme of ambition among the Preston business community.
Keeping pace
However, while Preston is Lancashire’s largest economy by GVA, its growth has not kept pace with other areas of the county.
“We need more private sector jobs,” Sarah added. “We need businesses generating new wealth and trading more goods outside of the region. What came up regularly during focus groups we have held with Preston Partnership members is that Preston is a gateway into other regions.”
Finally, Sarah highlighted the key ‘priorities for action’ to grow Preston’s economy. These included:
- Support for innovation and entrepreneurship such as:
- Physical focus for innovation and start-up businesses, building on Preston Station Quarter regeneration
- Shared hub for enterprise and innovation to support high value start-ups and connect businesses with research expertise
- High-quality office space and continuing delivery of Preston 35 propositions
- Grasping the opportunity as home to the National Cyber Force to attract the SMEs, primes and other large organisations that will support growth of the cyber sector
- High-quality hospitality offer and space to convene, potentially including new conferencing and convention facilities
She also stressed the need for ‘consensus, collaboration and leadership’ among the business community about the best ways to grow the economy.
Sarah said: “We all need to be on the same page about what Preston’s offer is to businesses and we need people to be out promoting the city, saying the same things.”
Aligning with the Lancashire narrative
Following her presentation, Sarah joined a lively panel discussion which looked further into Preston’s key economic sectors as well as how the city’s narrative aligns with Lancashire’s wider economic growth strategy.
The panel also featured Anne-Marie Huck, head of regional campaigns at BAE Systems, Rachel Westray, site communications partner, Westinghouse and Peter Thomas, programme lead, Lancashire County Council.
Peter discussed Lancashire’s devolution journey and the Combined County Authority (CCA)’s Business Board, which is designed to act as a voice of the business community and build on existing work to deliver long term economic growth in the county.
He also highlighted the Lancashire Growth Plan, which aims to help the county restate its growth priorities following the launch of the CCA and show how government funding can be used to best support priority projects.
The plan was launched for a six-week consultation at the Convention of the North, held in Preston in February.
Peter said: “Lancashire has not had an economic plan since 2014. The Growth Plan is a chance to tell the world what the county is good at. It’s crucial to have a simple Lancashire narrative which can be embedded in strategy documents for areas such as Preston.”
The importance of people
Anne-Marie and Rachel discussed the priorities for BAE Systems and Westinghouse as significant employers in the region.
They highlighted the importance of high-skilled workers to Preston’s economy and ensuring the city’s offer, which includes its leisure, cultural and residential provision, prompts people to come and stay in the area.
Annie Marie said: “We have 13,000 employees across Warton and Samlesbury. We need energetic, creative, and advanced thinking capability in our workforce to compete globally. We also have 200 suppliers in our supply chain from Lancashire and 90 from Preston.
“It’s extremely important to us to nurture and grow these capabilities so it’s vital to get the message out to our colleges and secondary schools that many of our staff are ‘lifers’ – they stay with us for their whole career.”
Rachel added that sectors like nuclear generally employed people with higher-than-average salaries, which often meant strong spending power, therefore a wide array of businesses benefitted from the organisation’s staff base living and working in the area.
The panel discussion also featured an audience Q&A focusing on a range of areas including the importance of making sure that businesses of all sizes benefitted from economic growth.
Dates for your diary
Our 2025-26 event diary can be found here.
For further information on our events programme, visit www.prestonpartnership.org/news-and-events/ and follow us on LinkedIn.
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News | November 9 2025
