Economic Strategy 2022

1. Local centres

The borough appears to be recovering well post Covid, particularly Market Walk which has seen footfall increase from less than 100,000 per month in April 2020 to almost 220,000 in January 2022.  Although vacancy rates are tracking around a similar level to average North West figures, there are some key outlets outside of market walk that remain vacant. A pre-Covid shift towards lifestyle and entertainment outlets has mitigated the worst of the retail decline with scope to now progress more conversion to residential use, incorporating a growing trend towards green/low carbon living. Economic centres outside of Chorley (e.g. Adlington and Eccleston) are seeing increased footfall, reflecting possible behaviour changes as residents shop 'hyper-local'.

Opportunity

Continue to build on the recovery by supporting local traders, creating an attractive proposition and defining a clear plan for the future of the town centre that supports our wider economic development and growth aspirations.

2. Productivity

Chorley has seen positive growth in enterprises from 4360 in 2019 to 4655 in 2022, particularly micro businesses with fewer than 4 employees. This is a 6.77% increase compared to 1.69% for the North West and 1.55% nationally. Council-led business support focused on entrepreneurialism (marketing, HR for small businesses, social media) has been very popular over the last 12 months and will encourage new businesses sustainability. Chorley has a mixture of small, medium and larger businesses which will require a tailored approach to respond to specific needs and requirements; process automation and digital capability is a strong cross cutting theme from business feedback. Climate change remains a high priority for the borough with all businesses needing to reduce emissions and improve their environmental credentials by making best use of natural resources

Opportunity

Align Council action and assistance to meet the new and emerging needs of businesses, working collaboratively with the sector and partners to achieve our ambition with a focus on innovation and new technology.  Support businesses to adapt to climate change and maximise investment and jobs linked to the green economy.

3. Communities

Chorley is a relatively affluent borough however pockets of deprivation remain. Although overall deprivation is lower than 2015, it has become more concentrated to certain areas, further widening inequalities. The employment rate in Chorley has been maintained at the same level as last year and the number of people claiming out of work benefits has reduced compared to last year, although still higher than 2020 and aligned to areas of deprivation. The ongoing cost of living crisis will further widen the gap within our communities.

Opportunity

Work with our partners to take a more targeted approach to identifying and supporting key groups using our local intelligence and insight.

4. Jobs and skills

Residents of Chorley, particularly young people, are well qualified however job density stats suggest a lower number of jobs per resident than at the regional level (0.63 compared to 0.82 for the North West) and that residents working outside the borough earn significantly more. This has the potential to be exacerbated by agile working and 'brain drain'. Chorley has the highest forecast labour market growth in Lancashire but employers tell us that skills don't match business need, particularly in advanced manufacturing/green/technical sectors.

Opportunity

Proactively build clear links between job creation and future skills development in Chorley, working with our local education and training providers.

5. Land and assets

Inward investment activity in recent years has encouraged businesses to locate in Chorley.  Businesses have told us that they want to remain and grow within Chorley so space to support existing businesses and further investment is now a critical issue. Large areas of Chorley are protected to maintain the borough as an attractive place to live.  Looking ahead the emphasis will be on working with individual businesses to understand requirements and developing tailored solutions. At a regional level, the council will need to use policy levers, including the Local Plan, and county influence to maximise opportunities for business in Chorley.

Opportunity

Through the Local Plan, make the best use of existing land and assets to deliver high quality future-proof green spaces and places; be creative in developing new solutions and using our collective influence to create opportunities.

6. National economic conditions

Following the removal of Covid-19 restrictions, the UK experienced positive growth with high job vacancies and employment expansion.  However recent forecasts suggest that a downturn may be imminent due to the cost of living crisis and high levels of inflation. Economic activity in Chorley is mainly related to service and professional industries although there has been substantial growth in transport, food and storage categories which may be more vulnerable to economic shocks. National and regional financial assistance may be subject to change in response to the wider context, therefore it's important that Chorley has a clear strategic direction that is flexible to changing conditions.

7. Levelling Up and Devolution

Although not identified in the Levelling Up White Paper, Lancashire continue to work on a single voice through the Greater Lancashire Plan which looks to link growth, infrastructure, communities and the environment.  The UK Shared Prosperity Fund is one of a number of funds supporting the Levelling Up agenda.  The fund focuses on 3 key themes: Communities and Place, Supporting Local Businesses, People and Skills. Funding of £4.2m over 3 years has been allocated to Chorley in line with an approved investment plan.

Opportunity

Be clear on our strategic priorities and regularly review our objectives and actions to address emerging issues.

View the  Economic Strategy 2022 (PDF) [372KB]  as a PDF version, alternatively the content is available in an accessible format below.

We are ambitious for the economy of Chorley, our businesses, and people.  Our economy continues to grow and we must now drive forward our plans to respond proactively by optimising new opportunities. This Economic Strategy aims to set out a clear ambition and vision for Chorley, considering the local, regional and national context.

The Council will drive the delivery of the strategy through a collaborative approach with partners that pulls everyone in the same direction and makes the most of shared resources. An action plan will accompany the strategy with a number of specific schemes that will be led, directed or facilitated by the Council to enhance delivery.

Innovation hubs 

Council-directed thematic, intelligence-led forums where organisational leaders will come together around a specific agenda (e.g. skills and training) to commit to actions to be delivered collaboratively, with allocated funding/resource if needed.

Knowledge transfer partnerships 

Council-facilitated business to business collaboration to share sector learning or best practice e.g. sustainable operations and the green agenda. Could be two large businesses working together or groups of businesses with a similar challenge.

Business events and awards 

In addition to networking and engagement forums and following a long period of limited activity due to Covid, there may be a desire to review and reinvigorate a focused programme of events that has clear objectives in line with the aspirations of the strategy. Given the impact of Covid on the business sector, consideration may be given to an awards or celebration type event. 

Employability services 

Council-led employability services that are integrated into public service pathways and targeted to support key areas of the borough. Supporting those farthest from the workplace and providing clear pathways to skills and employment through a range of council and partner services including advice, training and apprenticeships.

Business advice and engagement 

Council-led structured business engagement and intelligence gathering to understand needs and inform tailored solutions. This could be direct support and advice to individual businesses, or sector wide interventions. Current grant schemes will be reviewed to fit with strategic objectives.

Investment 

UKSPF themes are common to those identified locally.  The investment plan would complement priorities and delivery plans with an emphasis on working in partnership to achieve improved outcomes for the borough.

Given the changing nature of the economic climate and emerging challenges, this will be a 3 year strategy reviewed in 2025.

Our strategy is set in a period of intense social and technological change.  The strategy aims to define underlying principles and set a direction of travel, while enabling the council to react and respond to emerging trends.

• economic prosperity is a key enabler of life opportunities and determinant of overall wellbeing - this means that it is everyone's business
• we will take a more collaborative approach with businesses, partners and communities all contributing to local economic outcome
• climate change and the commitment to net zero 2030 will be a cross-cutting theme, with all objectives an actions designed to advance the green agenda
• the council will innovate, facilitate and drive action - using policy levers, influence, assets and resources where needed
• our plans will align to regional and national priorities where necessary to achieve the best outcome for Chorley

Vision

By 2030, Chorley will benefit from more and better paid jobs as a prime location for sustainable growth and investment, driven by innovation, new technologies and a commitment to net zero 2030.

Space for business

Making the best and most sustainable use of land, assets and accommodation.

Jobs and skills

For the future, co-managed by employers and skills providers.

Employability

As a core public service connecting all residents to opportunities.

Business support

That is intelligence-led, proactive and versatile.

• increase in the overall employment rate for the borough
• reduction in the number of young people (16-17) who are not in education, employment or training
• more young people have recognised qualifications at a higher level
• fewer vacant properties in the town centre
• more jobs created within the borough, particularly in key growth sectors
• increased earnings for Chorley residents
• increase in visitor numbers
• increase in business growth rate for Chorley
• increased business accommodation across the borough with supporting infrastructure
• greater support for individual business needs including advice and support