Medway is poised to experience a substantial economic upswing, with a new report revealing that CityFibre’s full fibre infrastructure investment in the area is set to yield over £990 million in economic benefits. These impacts encompass £521 million in productivity enhancements, £115 million from an expanded workforce, and £13 million in local authority cost savings.
The report, conducted by consultancy firm Hatch under the title “Economic Impact of Full Fibre Infrastructure from CityFibre’s Network,” highlights the substantial gains expected from CityFibre’s £40 million investment in Medway over a fifteen-year period. These include £521 million in gains from productivity and innovation, £115 million from workforce expansion, £13 million in efficiency savings for local authorities, and £459 million in increased housing values.
The report also underscores the significant technological advantages that CityFibre’s network will bring to Medway. It is expected to unlock £1 billion in gross value added (GVA) from 5G services, £420 million from the Internet of Things (IoT), and £220 million from Smart City initiatives, such as intelligent traffic management systems and advanced street lighting.
Moreover, the ongoing transition to home and flexible working, supported by full fibre connectivity both at home and in offices, is creating access to a larger pool of labor for employers. In Medway, it is projected that flexible working will contribute over £30 million in productivity uplifts.
The construction of the full fibre network itself is identified as a significant contributor to Medway’s economic growth. It is anticipated to create more than 150 jobs within CityFibre’s build partners and supply chain. These new employment opportunities are also expected to generate an estimated £20 million in incremental GVA, with a strong focus on local recruitment to support the rollout.
On a national scale, the entire UK stands to benefit from potential economic gains of over £38 billion. Productivity enhancements and innovation are cited as the primary drivers, accounting for over £22 billion in GVA gains nationwide. This is attributed to the positive impact of significantly faster and more reliable digital connectivity on business productivity and innovation, which, in turn, boosts turnover and fosters the development of new businesses and business models.
Anne Krausse, Area Manager for Medway at CityFibre, commented, “These figures demonstrate just how impactful full fibre is for Medway. Our network will ensure the area is ready to thrive in the digital age and provide a platform for innovation and investment. We cannot wait for the local communities to reap the many benefits of our £40 million digital transformation project.”
Cllr Alan Jarrett, Leader of Medway Council, added, “We’re delighted to learn of the benefits that CityFibre’s investment is bringing to Chatham and Gillingham as a result of its full fibre network rollout. Digital connectivity is very important and will allow local businesses to boost productivity with buffer-free calls and fast download speeds, which will support economic growth, help businesses thrive and provide huge benefits to residents in terms of their connectivity.”
