Weston-super-Mare will benefit from an economic boost of more than £144m from CityFibre’s Full Fiber rollout
A new report commissioned by CityFibrethe UK’s largest independent, carrier-neutral Full Fiber platform, has found that Weston-super-Mare benefits greatly from the roll-out of future-proof Full Fiber infrastructure now well underway across the city.
The research of the consultancy Hatch, (Economic impact of the entire fiber infrastructure of the CityFibre . network), estimates that, over a fifteen-year period, the positive effects of CityFibre’s £22 million investment in Weston-Super-Mare will include £73 million in productivity and innovation gains, £16 million from an increased workforce, £4 million in efficiency savings from local authorities and £67m in increased home value.
Technological benefits are also a key focus of the report, which shows that CityFibre’s network in Weston-Super-Mare will help deliver £174 million of gross value added (GVA) from 5G services, £70 million from the Internet of Things and £31 million from Smart City initiatives, such as intelligent traffic management systems and street lighting.
The ongoing transition to home and flexible working, supported by Full Fiber access at home and in the office, also unlocks access to a larger pool of workforce for employers. In Weston-super-Mare, the increase in labor productivity is estimated at over £4 million.
The direct impact of network construction is also seen as a major contributor to Weston-super-Mare’s economic growth, creating network construction jobs within CityFibre’s construction partners and supply chain. Where possible, the new jobs will be recruited locally to support the rollout.
The UK as a whole will benefit from more than £38 billion in potential economic benefits. Productivity improvements and innovation are responsible for the biggest impact, driving more than £22 billion in gross value added across the country. This is due to the positive effect that much faster and more reliable digital connectivity has been shown to have on business productivity and innovation, increase sales and contribute to the formation of new companies and business models.
Kathryn Askew Smith, Area Manager for Weston-super-Mare at CityFibre, said: “This report demonstrates how powerful and essential Full Fiber is as a catalyst for growth and as a platform for innovation and investment. We are extremely proud of our Weston-super-Mare rollout and the investment we are making here, and we look forward to seeing how it will benefit residents and businesses in the decades to come.”
Councilor Mark Canniford, Executive Member of the North Somerset Council for Placemaking and the Economy, said: “Full Fiber connections give our local businesses and residents access to some of the fastest broadband speeds available and are an essential part of our successful city. The investment in the network supports our economy to remain competitive, innovate and grow. For our residents, it provides faster speeds for the whole family, benefiting everyone who works from home and has access to online content for their leisure.”