Fiber Imperative: Congratulations to Los Angeles, Chicago and Google Fiber for Exploring Next Generation Networks
There are almost 20,000 municipalities here in the United States, and a few more just got a lot faster. Today, Google Fiber announced they are exploring bringing their ultra-fast gigabit fiber product to Los Angeles and Chicago.
This is important because: Fiber speeds = improved economic performance.
By making new investments to these cities’ broadband networks, Google Fiber is providing consumers with super-fast fiber speeds and the entire city with new opportunities to grow economically. With greater accessibility and faster speeds, the sky’s the limit: households can connect all of their devices without worry, entrepreneurs have the infrastructure they need to innovate and city governments have additional capacity to address local problems, from growing traffic congestion to managing large databases. And this translates into improved economic performance with the creation of more jobs, more innovation, as well as incentive for additional infrastructure investments and companies relocating or expanding into the city.
In fact, a 2014 FTTH Council study found higher per capita GDP (1.1%) in communities where gigabit Internet was available. In dollar terms, the 14 gigabit communities analyzed by the FTTH Council enjoyed approximately $1.4 billion in additional GDP over other, similarly situated communities. In another real life application, look at Kansas City, Missouri. Google Fiber introduced its product to this midwestern city in 2012, and, just one year later, ratings agency, Fitch, upgraded the city’s bond ratings from “negative” to “stable.” Why? The city’s growing gigabit offerings had “already attract[ed] a number of smaller Internet and data companies,” bringing in new businesses, creating jobs and boosting the economy. Three years later and this only resonates more.
Brad Slaughter, owner and partner of Bark Productions in Kansas City, Mo.summarized the benefit of fiber connections to his data-heavy business: “One of our extended businesses, 19 Below, handles large video uploads to TV stations and clients. Previously, this simple upload/download task took hours to achieve, but now with Google Fiber, it only takes a few minutes, which helps us (Bark Productions) save time, meet our deadlines, and deliver products to our clients more efficiently.”
But the benefits of fiber speeds don’t end there! A recent FTTH Council study found that having access to gigabit fiber-to-the-home connections can increase your home’s valuation by up to 3.1%. People around the world are clamoring for all-fiber, ultra-high bandwidth networks, and, because of this your home may be worth an extra $5,437. That’s roughly equivalent to adding a fireplace, just under half the value of a bathroom or a quarter of a swimming pool to your home.
The FTTH Council applauds Los Angeles and Chicago for their ongoing work with Google Fiber. Fiber speeds will continue to benefit their citizens, businesses and economies for years to come. And while all towns and cities will not be able to get Google Fiber, they can all work to make their communities more fiber — ready, capable of attracting or enabling the investment in the networks that will ensure their economic vitality. We look forward to working with all municipalities as they plan their all-fiber future.
