Plymouth to enjoy economic boost of over £420m from CityFibre’s full fibre rollout

A new report commissioned by CityFibre, the UK’s largest independent full fibre platform, has identified that Plymouth 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 £52m investment in Plymouth will include £233m in productivity and innovation gains, £51m from a widened workforce, £12m in local authority efficiency savings and £177m in increased housing value.

Technological benefits are also a major focus of the report, which demonstrates that CityFibre’s network in Plymouth will help unlock £555m in GVA from 5G services, £210m from the Internet of Things and £98m 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.

The UK, as a whole, stands to benefit from over £38billion in potential economic benefits. Productivity improvements and innovation are responsible for the largest impact, driving more than £22billion 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.

Kathryn Askew Smith, Area Manager for Plymouth 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.

“Plymouth is a major hub employer of STEM industries, so connectivity is extremely important. We’re proud of our rollout in Plymouth, the investment we are making here, and we look forward to seeing how it will benefit residents and businesses over the decades to come.”

Johnny Mercer, MP for Plymouth Moor View, said: "I was delighted to visit CityFibre on Friday to see the progress it has made in rolling out its genuine full fibre network across Plymouth. This report reveals the huge benefits this network will bring our local economy - increasing business potential and boosting innovation, productivity and workforce flexibility.

“Fast and reliable broadband is essential for businesses, schools and families to make the most of opportunities online, which is why the Government has committed to getting gigabit-capable speeds to 85% of the country in the next three years."

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