Glasgow set to enjoy major economic boost worth over £1bn from CityFibre's full fibre rollout
Oct 18, 2022
A new report commissioned by CityFibre, the UK’s largest independent full fibre platform, has identified that Glasgow 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 £270m investment in Glasgow will include £1bn in productivity and innovation gains, £252m from a widened workforce, £159m in Local Authority efficiency savings and £615m in increased housing value.
Technological benefits are also a major focus of the report, which demonstrates that CityFibre’s network in Glasgow will help unlock £3bn in GVA from 5G services, £727m from the Internet of Things and £482m from Smart City initiatives, like intelligent traffic management systems and street lighting.
In addition, full fibre access at home and in the office, is also unlocking access to a larger pool of labour for employers. In Glasgow working productivity uplifts are estimated to exceed £65m.
The direct impact of network construction is also identified as a major contributor of Glasgow’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, with more than £5bn of this being across CityFibre’s build in Scotland. 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.
David Cannon, Area Manager for Glasgow at CityFibre, said: “Our £270m Glasgow build is the largest city-wide full fibre investment in the UK, and the scale of this project is reflected in these figures which highlight how powerful and essential full fibre is as a catalyst for growth, and a platform for innovation and investment. As the heart of the Scottish economy, Glasgow is a thriving city and we look forward to seeing how our full fibre rollout will support its growth for years to come.”
Councillor Angus Millar, Chair of the Digital Glasgow Board, said: “This study confirms the economic, social and environmental benefits of robust and future proof connectivity and we fully support the roll out of full fibre across Glasgow. The impact of the pandemic necessitated a rapid shift to transacting online for much of our daily social, business and civic activity which in many instances has resulted in a smarter approach. Therefore, it is more important than ever that we support our businesses and residents by attracting this investment in digital infrastructure to aid recovery and future growth.”
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.
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