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        Founded in 2015, Crestone was formed through a combination of eleven strategically complementary communications and utility services companies. Crestone has expanded its offerings to include end-to-end subsurface and aboveground infrastructure services. A fundamental component of the Crestone story is the rapid growth of the business. Through both organic and acquisitive growth, Crestone has entered into nine new markets, and added over 100 new customers since 2018.

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The Economic Impact of 5G

5G is much more than a high-quality, low-latency network connection. 5G has and will continue to have a significant impact on the economy. From increased jobs, to technology development, and improved safety, 5G will drive growth across industries and address critical issues in our country.

Increased Jobs

BCG studies show that the deployment of 5G infrastructure and engineering has already created 106,000 jobs as of April/May 2020, which helped offset the unemployment surge from the coronavirus pandemic. Their studies show that over the next decade, 5G deployment will contribute $1.4 trillion to $1.7 trillion to US GDP, creating close to 4.6 million jobs.

Jobs will increase in the tech and digital industry as well in other skilled industries like agriculture, construction, research, software, transportation, manufacturing, education, healthcare, government, and more. 

Dr. Michael Mandel, Chief Economic Strategist at PPI said, “This new wave will create both ‘cognitive’ and ‘cognitive-physical’ skilled jobs, which will be located in nearly every industry and in every corner of our nation. Given the incredible opportunity before us, the federal government should continue to make major investments in 5G and provide job training so that workers can take advantage of these emerging opportunities.”

Technology Advancements

The massive advancements in capacity and bandwidth allow 5G to be a gamechanger in technological development. Perhaps one of the biggest industries to be influenced by 5G technologies is manufacturing. 5G will change the process of product development, allowing real-time connectivity and communication from design to completion, even allowing for self-driving machines to aid in the manufacturing process, creating a more efficient and streamlined process.

The health industry will also see improvements from the 5G network. With telemedicine on the rise, 5G presents a reliable network that supports real-time high-quality video and the access to large amounts of data. 5G allows healthcare systems better efficiencies in hospital operations as well as enabling mobile networks to handle virtual appointments, treat patients faster, and give patients access to specialized care beyond their geographic area.

Improved Safety

With 5G, connectivity is everywhere. This allows first responders real-time access to critical information, ultimately improving public safety. Traffic signalization programs that communicate with vehicles will allow safer autonomous vehicles and potentially relieve traffic congestion, minimizing the risk of car accidents. 

Secure & reliable communications systems and infrastructure are a critical part of national security, public safety, and economic growth. From providing new jobs and unlocking new technological advancements to aiding in public safety, 5G will continue to have an extraordinary impact on the economy.

Recommended Resources

Bridging the Internet Gap

Bridging the Internet Gap

Feature ArticleLeveraging 5G to Help Bridge the Digital Divide There’s an undeniable digital divide in the United States, and there has been for over two decades now. According to Pew Research, the term ‘digital divide’ was created more than 22 years ago to describe...

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