Lancashire Economy Showing Strong Growth Potential

A new report by Growth Flag – an innovative online tool providing information on growth potential in businesses and local economies throughout the UK – has spotlighted above average signs of growth within the Lancashire economy.

The report, titled ‘The State of Growth in Lancashire’, found that 15.1% of businesses in the North West county are likely or very likely to achieve 20% growth in the next year. While growth potential varies across different parts of Lancashire, the report emphasises that all districts are performing above or in line with the UK-wide average of 13.1%.

Growth Flag's Insights and Analysis Lead, Nathan Shoesmith, said:

“This new report shows that Lancashire is performing above the national average for business growth potential, with higher proportions of high-growth businesses than the UK average in nearly all key sectors. This indicates strong foundations for growth in Lancashire’s businesses and marks positive news for the county’s economy.”

Leading sectors in Lancashire by the percentage of businesses with high growth potential include manufacturing, agriculture, forestry and fishing, and construction.

The report’s findings are based on Growth Flag’s innovative data and scoring, which provide a forward-looking perspective on growth potential in individual businesses and local economies throughout the UK.

Growth Flag, a collaboration between data intelligence platform Red Flag Alert and social enterprise The Growth Company, is increasingly being used to deliver stronger informed strategic interventions in local economies across the country.

Growth Flag data is currently being utilised to support businesses in Lancashire by identifying those which may need assistance to reach the next stage of their growth journeys.

In addition to highlighting businesses with the strongest growth potential, the report also identifies a cohort of businesses showing early signs of financial distress that may challenge their otherwise strong growth trajectories.

Learn more about how Growth Flag is making a difference in local economies at growthflag.com

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About Growth Flag:

Growth Flag is an innovative tool providing a forward-looking perspective on growth potential in individual businesses and local economies throughout the UK. A collaboration between data intelligence platform Red Flag Alert and social enterprise The Growth Company, Growth Flag is dedicated to delivering stronger informed strategic interventions to foster economic growth.