WORK BEGINS ON PROJECT GIGABIT ROLLOUT TO 45,000 HARD TO REACH HOMES ACROSS CAMBRIDGESHIRE
19 February 2024
A new report commissioned by CityFibre, the UK’s largest independent carrier-neutral full fibre platform, has identified that Wolverhampton 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 £50m investment in Wolverhampton will include £222m in productivity and innovation gains, £49m from a widened workforce, £17m in Local Authority efficiency savings and £144m in increased housing value.
Technological benefits are also a major focus of the report, which demonstrates that CityFibre’s network in Wolverhampton will help unlock £528m in gross value added (GVA) from 5G services, £218m from the Internet of Things and £93m from Smart City initiatives, such as 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 Wolverhampton, flexible working productivity uplifts are estimated to exceed £10m.
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.
Bashir Ahmed, Area Manager for Wolverhampton at CityFibre, said: “Full fibre is a real catalyst for growth and will boost innovation and investment opportunities in Wolverhampton for decades to come. The Hatch report demonstrates just how powerful and essential our £50m digital transformation project in Wolverhampton is, and we cannot wait to see the city’s residents and businesses reap the benefits of our network.”
Councillor Obaida Ahmed, City of Wolverhampton Council Cabinet Member for Resources and Digital City, added: “The City of Wolverhampton recognises that futureproofed digital infrastructure is the backbone of a modern thriving economy driving productivity, growth and helping deliver effective and efficient public services, critical to powering economic and social recovery.
“A key aim of Wolverhampton’s Digital Strategy is creating a Gigabit and Smart City with futureproofed digital infrastructure, utilising full fibre broadband and 5G to transform the delivery of services and develop new applications to unlock potential.
“Most importantly, this vital infrastructure will boost businesses and provide jobs and opportunities for local people.”
Residents interested in giving their home broadband a boost can find out more about the build and check whether services are live by visiting here: https://cityfibre.com/homes.
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