The Economic Impact of 5G

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.