A new report commissioned by CityFibre, the UK’s largest independent carrier-neutral full fibre platform, has identified that Nottingham 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 £117m investment in Nottingham will include £660m in productivity and innovation gains, £145m from a widened workforce, £22m in Local Authority efficiency savings and £432m in increased housing value.
Technological benefits are also a major focus of the report, which demonstrates that CityFibre’s network in Nottingham will help unlock £2bn in gross added value (GVA) from 5G services, £537m from the Internet of Things and £278m 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 Nottingham working productivity uplifts are estimated to exceed £25m.
The direct impact of network construction is also identified as a major contributor of Nottingham’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.
Dominika Walker, Area Manager for Nottingham at CityFibre, said: “Over the past year we’ve seen first-hand the benefits and opportunities that full fibre is bringing to Nottingham. This is only the beginning, and the report demonstrates just how powerful and essential full fibre is as a catalyst for growth and innovation in the city for years to come.
“We’re extremely proud of our rollout in Nottingham, the £117m investment we are making here, and we look forward to seeing how it will benefit residents and businesses over the decades to come.”
Cllr David Mellen, Leader of Nottingham City Council said: “Fibre broadband is important to establishing Nottingham as a centre for digital businesses, but it has become important for everybody to have high quality broadband in our ever more connected world.
“We are delighted that companies such as CityFibre are investing in this key infrastructure which will help improve connectivity and, by introducing alternatives, make broadband cheaper in the long run for everyone.”