BCG Study Estimates the Addition of Approximately 4.5 Million Jobs and an Increase of About $1.5 Trillion in US GDP Over this Decade
5G networks could create about 4.5 million jobs in the US and add roughly $1.5 trillion to the country’s GDP, according to a new report from Boston Consulting Group (BCG), commissioned by CTIA, the wireless industry association.
BCG’s analysis shows that 5G will contribute to US GDP and employment growth by enabling of innovation that will transform all sectors of America’s economy across cities and communities of all sizes.
The 5G Economy will Spur Massive GDP and Job Growth Across the US, SOURCE Boston Consulting Group (BCG)
“Our analysis shows that the 5G economy’s impact will be broad and deep, unlocking significant benefits across the US and enabling new use cases across all industries, including health care, education, and agriculture,” said Enrique Duarte Melo, a BCG managing director and senior partner and lead author of this report. “The GDP growth and job creation that America’s 5G networks are beginning to unlock will be instrumental in jump-starting the country’s economic recovery.”
BCG’s research suggests that three industries, in particular, will benefit from these 5G use cases:
Information services, which will see job growth of 205,000 and contribute $217 billion to GDP
Manufacturing, which will see a boost of 380,000 jobs and contribute $165 billion to GDP
Health care, which will see 341,000 new jobs and contribute $104 billion to GDP
“BCG’s study confirms the significant benefits of the 5G economy, today and for years to come,” said Meredith Attwell Baker, CTIA President and CEO. “With three nationwide 5G networks launched and 5G smartphones hitting the market, America’s wireless industry is building the foundation for our country’s economic recovery.”
To bring these benefits to fruition, state, local, and federal governments must work to keep 5G’s rollout on track. Delays in network infrastructure build-out or in making more licensed spectrum available would carry significant opportunity costs, according to BCG’s analysis. At a national level, every six-month delay in 5G network deployment could, on average, mean missing out on $25 billion of the potential 5G benefits from 2020 through 2030.
A copy of the report can be downloaded here https://www.bcg.com/publications/2021/5g-economic-impact-united-states
About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we help clients with total transformation—inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact.
To succeed, organizations must blend digital and human capabilities. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. BCG delivers solutions through leading-edge management consulting along with technology and design, corporate and digital ventures—and business purpose. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, generating results that allow our clients to thrive.
SOURCE Boston Consulting Group (BCG)