Preston is the administrative center of Lancashire England. The town was a parish and township in the hundred of Amounderness. It was granted a Guild Merchant charter in 1179, giving the city of Preston the status of a market town. In mid-thirteenth century textiles were produced and locally produced wool was woven inside the people’s houses. During fourteenth century flemish weavers settled in the area and helped develop the industry. In the early eighteenth century, the town was described as “a pretty town with an abundance of gentry in it, commonly called Proud Preston” by Edmund Calamy.
The BAE Systems is UK’s principal military aircraft design, development and manufacture supplier whereas Preston is a major center of the British defence aerospace industry. The west of the city boundary lies the Westinghouse Electric Company in Salwick, it was formerly BNFL and currently Springfields nuclear processing plant. Preston is also home to Alstom Transport, United Kingdom’s main spare parts distribution center. Matalan Retail Ltd was also originated in Preston under the name of Matalan Cash and Carry.
The city has a huge financial sector with a large selection of insurance, law firms and consultancies including iQor Recovery Services Ltd, a national debt collection agency as per Winckley Square in the centre of the city.
A global supplier of printing presses named Goss Graphic Systems Limited is a company based in the United States, formerly employed more than a thousand people in the city. But unfortunately, the company moved their manufacturing to the United States, Japan, and China. The company only now have one hundred sixty employees within the city.
Preston was targeted by numerous of developers since the city status was awarded in the Queen’s Jubilee year. New apartments and other residential developments were particularly popular among the constituents and was planned around the city center. The numbers of land developers are struggling to find buyers for the new apartments which has been even worst due to rising numbers of repossessions. A number of new hotels, office and hotel space are also in demand and a new Central Business District is being planned as well. On the other hand, unemployment in Preston rose to fifteen percent in the year up to April 2012 that summed up to a total of three thousand seven hundred eighty-three claimants. Therefore Preston’s local economy has a bit of contrast.