A report commissioned by CityFibre, the UK’s largest independent full fibre platform, has identified that Newcastle stands to be a huge beneficiary from the rollout of future-proof full fibre infrastructure which is now well underway across the city.
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 £62m investment in Newcastle will include £440m in productivity and innovation gains, £97m from a widened workforce and £213m in increased housing value.
Technological benefits are also a major focus of the report, which demonstrates that CityFibre’s network in Newcastle will help unlock £1bn in gross added value (GVA) from 5G services, £297m from the IoT and £185m from Smart City initiatives, like intelligent traffic management systems and street lighting.
The continuing transition to home and flexible working, supported by full fibre access at home and in the office, is also unlocking access to a larger pool of labour for employers. In Newcastle working productivity uplifts are estimated to exceed £25m.
The direct impact of network construction is also identified as a major contributor of Newcastle’s economic growth, creating network construction jobs within CityFibre’s build partners and supply chain. Wherever possible, the new jobs will be recruited locally to support the rollout.
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, driving more than £22bn in GVA gains nationwide. This is due to the positive effect that far faster and more reliable digital connectivity has been shown to have on business productivity and innovation, increasing turnover and contributing to the formation of new businesses and business models.
Paul Wakefield, CityFibre’s area manager for Newcastle, said: “This report demonstrates just how powerful and essential full fibre is as a catalyst for growth and a platform for innovation and investment. Thanks to the unprecedented scale and pace of our ongoing roll out, Newcastle has become one of the best-connected cities in the UK, ensuring its residents and businesses have the best possible infrastructure to meet all their digital demands.”
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