From Preston to Paisley: Building Community Wealth to Achieve UN SDG8

This present working paper explores the state of the current economic context in the post-pandemic era, which has been marked by rising inflation and diminished government support, especially as communities strive for sustainable growth. It discusses the relevance of the United Nations' Sustainable Development Goal 8 (UNSDG8) and summarises the evidence that advocates for sustained and inclusive economic development through innovative approaches. Using the newly developed Preston Model, we advance a viable solution that promotes local wealth retention by encouraging local procurement practices among essential public institutions while also supporting small businesses, cooperatives, and social enterprises. Central to our contribution is the notion that our Preston Model is grounded in the effective use of property and land to maximize community benefits, thereby enhancing economic resilience and boosting local employment. We conclude by providing implications for practice and policy, as well as directions for future research