Derby is set for a multi-million-pound windfall according to an economic impact report which estimates £510m in value could be unlocked following the roll-out of a new full fibre network by CityFibre.
Economic consultancy Regeneris examined how the economy is likely to benefit from near-universal full fibre connectivity, quantifying the impact in the city over a 15-year period.
They found Derby’s home owners and the wider property market can expect a welcome boost of £70m in real terms value, as access to reliable, high-speed broadband becomes ever-more critical to house buyers.
Smart City initiatives including home automation technologies, smart energy networks and intelligent transportation systems could add as much as £69m locally too. Digital enhancements in the delivery of healthcare services could also be worth around £14m.
The city’s business community stands to benefit enormously as well. Access to gigabit-speed full fibre connectivity could unlock £39m in business productivity and innovation. With full fibre, companies will be able to develop and promote new, richer products and services online and benefit from greater exposure to the international marketplace.
Derby already has an established reputation in advanced manufacturing and engineering and this research shows start-up growth could be boosted to the value of £21m. What’s more, the increased ability for companies to support flexible working could also add £19m in value, by reducing barriers to work as well as improving employees’ work-life balance, motivation and retention.
Simon Hooton, director at Regeneris, said:
“Full fibre will provide the core infrastructure required to kick start the next generation of digital technology and drive the expansion of smart infrastructure in towns and cities. The result will be a modernised, more productive and innovative UK economy.”
Across the UK CityFibre is already working with launch partner Vodafone to deliver next-generation broadband services, and TalkTalk is expected to join the network soon.
Dominika Walker, CityFibre’s city manager for Derby said:
“With a new full fibre network being built beneath its streets, Derby is a forerunner of digital transformation in the UK. This report demonstrates that the city is set to enjoy huge economic benefits as a result of this roll-out. This is about more than just broadband, it is about the digital infrastructure set to power our economy for decades to come.”
Construction is set to begin this spring. As key workers, CityFibre has been asked by the UK Government to continue to expand the nation’s digital capacity. All contractors are being urged to follow the social distancing protocols as outlined by Public Health England to ensure our build partner’s safety.
To find out more about CityFibre’s Gigabit City roll-out, visit: www.cityfibre.com/gigabit-cities/
If residents are interested in full fibre broadband, they can pre-register interest with CityFibre and will receive information when services are available. To pre-register interest, visit: www.cityfibre.com/residential