Expected economic benefits include £131m in increased productivity, £29m from a widened workforce, and £533k in local authority savings.
A new report commissioned by CityFibre, the UK’s largest independent full fibre platform, has found that the city of Worcester will reap major economic benefits from the roll out of a faster and more reliable full fibre network.
The study by the consultancy Hatch, (Economic Impact of Full Fibre Infrastructure from CityFibre’s Network), estimates that, over a fifteen-year period, the positive impacts of CityFibre’s £21m investment in Worcester will include £131m in productivity and innovation gains, £29m from a widened workforce, £533k in local authority efficiency savings and £83m in increased housing value.
Hybrid and flexible working, supported by full fibre access at home and in the office, is also unlocking access to a larger pool of talent for employers. In Worcester this widening of the workforce is expected to unleash £29m in benefits while the productivity boost enabled by flexible working is estimated to exceed £7m.
Technological benefits are also a major focus of the report, which demonstrates that CityFibre’s network in Worcester will help unlock £311m in growth value from 5G services, £87m from the Internet of Things and £55m from Smart City initiatives, like intelligent traffic management systems and street lighting.
The UK, as a whole, stands to benefit from over £38bn in potential economic benefits. Productivity improvements and innovation are responsible for the largest impact, contributing more than £22bn in economic value nationwide. Faster and more reliable digital connectivity boosts business productivity and innovation, increasing turnover and contributing to the formation of new businesses and business models.
Neal Wright, Area Manager for Worcester at CityFibre, said: “Full fibre encourages growth while simultaneously providing the platform needed for innovation and investment. The benefits are far reaching, as indicated within this report, which lays bare the huge economic impact that this infrastructure will bring.
“We’re proud of the investment we’re making in Worcester, and the success of the roll out so far. People are already starting to benefit from next-generation connectivity, and we can’t wait to see the positive impact it will have in the future.”
Residents interested in giving their home broadband a boost can find out more about the build and check whether services are live in their area by visiting www.cityfibre.com/PR
