This report was originally posted to thelosteconomy.com.
Arlington, VA — The American Consumer Institute (ACI) has unveiled its latest Lost Economy report, highlighting the transformative potential of 5G wireless technology for the U.S. economy and consumers. The report emphasizes the need for state and local governments to eliminate costly regulatory hurdles to accelerate the deployment of 5G networks and realize an estimated $533 billion in GDP growth and $1.2 trillion in long-term consumer benefits.
Read the full report here.
Key Takeaways:
- Economic Growth: The nationwide deployment of 5G is expected to add $533 billion to the U.S. GDP over the next seven years, creating over 435,000 jobs annually.
- Consumer Benefits: 5G technology promises $1.2 trillion in long-term consumer welfare through faster connectivity, improved healthcare applications, smart grids, and the Internet of Things (IoT).
- Regulatory Barriers: Excessive fees, permit delays, and zoning restrictions imposed by state and local governments hinder investment and delay consumer access to cutting-edge services.
- Infrastructure Investment: Deploying 5G will require $275 billion in private investment, creating millions of worker-years and driving technological innovation across industries.
State and local governments must act swiftly to streamline regulatory processes and eliminate barriers to 5G deployment. Reforms such as simplifying application reviews, capping excessive fees, and aligning local regulations with federal guidelines can accelerate investment, spur economic growth, and deliver transformative consumer benefits.
For more information or to discuss this issue further, ACI is available to engage with stakeholders and policymakers.
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The American Consumer Institute is a nonprofit education and research organization. For more information about the Institute, visit www.TheAmericanConsumer.Org or follow us on X @ConsumerPal.