By Noah Vehafric
5G technology, with its increased bandwidth, low latencies, and increased security from previous generations of communications technologies, is going to provide some serious growth and innovation to the American economy.
In a recent report, it’s estimated that 5G technologies will increase U.S. GDP anywhere between $1.4 and $1.7 trillion and add between 3.8 and 4.6 million jobs.
Better yet, these metrics won’t be just seen at the coasts or in the big cities. Job growth and GDP impact will be seen in all communities in all regions across the country. In the diagram below you can see just how the impact of 5G will be spread all throughout the country, from Kansas city to New York City.
Looking back at the rollout of 4G, we would not have been able to predict the innovations that came from it. Ride sharing services like Uber and on-demand grocery delivery from services like Instacart created a gig economy that allowed millions to find work or pick up additional income.
While we cannot fully know the innovation and creation that will come from 5G technologies, we know that every sector of the economy will be impacted. Healthcare will be revolutionized by being able to exponentially increase the amount of wearable medical devices for use in telemedicine. The manufacturing sector see unprecedented efficiency from optimized supply chains, factory layouts, and production schedules. 5G technologies will also become a crucial component in the evolution of self-driving cars and the use of drone delivery services.
Staying the Course
The U.S. is on track for expedient rollout of 5G, but there are still obstacles ahead. Government and policymakers at every level needs to develop policies that will keep 5G rolling out. For example, the federal government needs to continue with its efficient approach to spectrum management and make more midband spectrum available for 5G technology. State and local governments need to streamline their application processes for infrastructure projects and upgrades that will be required for 5G deployment.
As the nation’s 5G infrastructure continues to grow, we will start to see the impacts of 5G all around us,
Photo Credit: ADMC