A new report commissioned by CityFibre, the UK's largest independent carrier-neutral Full Fibre platform, has identified that Leicester 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 ยท80m investment in Leicester could support major economic growth including ยท780m in productivity, innovation and new market opportunities for business, ยท172m from a widened workforce participation, and ยท535m in increased housing value.
Technological benefits are also a major focus of the report, which demonstrates that CityFibre's network in Leicester can help unlock ยท2bn in gross value added (GVA) from 5G services and ยท647m from the Internet of Things.
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 Leicester, flexible working productivity uplifts are estimated to exceed ยท40m.
The direct impact of network construction is also identified as a major contributor of Leicester's economic growth, creating 50 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 ยท38bn in potential economic benefits. Productivity improvements and innovation are responsible for the largest impact, driving more than ยท22bn 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.
James Cushing, Area Manager for Leicester at CityFibre, said: 'This report demonstrates just how powerful and essential Full Fibre is as a catalyst for growth and a platform for innovation and investment. We are extremely proud of our ยท80m digital transformation project in Leicester and excited to see how it will benefit residents and businesses over the decades to come.'
