The Internet has changed the way we live, work, socialize and so much more. Without it, the world would be unable to grow and learn. Just as how the economy affects people, the internet does too and because of the prominence of the internet, it helps drive economic growth. We want to break down four things you probably don’t know about the internet and its relationship with the economy.
Inflation
In May 2022, the consumer price index (CPI) rose 8.6% from a year ago. This is the fastest increase since December 1981, and it doesn’t appear to be slowing down soon. Despite current high inflation rates affecting goods and services, internet prices are not being affected. The CPI for internet services only increased 2.6% in December relative to the previous year, which is far less than the overall inflation rate. Internet prices changing slower than other goods and services can be attributed to the fact that broadband providers make long-term investments to help bring improved internet services to more customers. While inflation is making many other essential services unaffordable, internet services continue to remain attainable for most people.
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Working from Home
The Internet has changed how people work. The past few years have been an indicator that many people can perform their jobs from home and still be productive! Employees working from home are able to save both time and money. Did you know remote work saves most people an average of 70 minutes per day that would be spent getting ready and commuting? It’s also estimated that car commuting employees were able to save more than $4,000 in just one year of working remotely. With gas prices at record highs, working from home might be the smartest decision for you to make. Not only does working from home benefit employees, but it also benefits the economy.
Housing
Internet infrastructure makes an impact on real estate. Because of the importance of reliable internet, fast speeds at good prices are a priority for many home buyers. New housing being built also encourages the expansion of local internet networks. In a study commissioned by the Fiber to the Home Council Americas, having fast broadband available in your neighborhood can increase your home’s value by more than 3%. As the housing market continues to advance, so will the quality and availability of broadband access.
Opportunity
Opportunity and the internet go hand in hand. When communities have access to a broadband connection, they can benefit greatly. Knowledge and information are endless and help bring better education into both schools and homes. It also allows people to find jobs and connect to others. People are able to start their own businesses, shop from home, enjoy online entertainment, work remotely and more. The opportunities for growth are endless when communities have access to quality internet.
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Constantly evolving internet services have changed our lives and will continue to do so. In 2021, the Internet & Television Association (NCTA) reported that the cable internet and TV industry has had a $460 billion impact on the American economy. As we look towards the future, look for ways where having a strong internet connection makes an impact not only on our individual lives but also on the economy that we’re all a part of.