This summer’s volatility in the U.S. stock market is causing lots of anxiety about the impact of a global slowdown on the U.S. economy. A natural result of this fear is even more scrutiny of U.S. job growth and other domestic economic metrics.
That is why we are proud to report that the U.S. cable industry has added jobs and continues to have a significant positive impact on the national economy. A new report from the Bortz Media and Sports Group shows that the U.S. cable industry supports 2.7 million jobs representing a total economic impact of more than $386 billion. Since 2002, cable industry employment has grown by 1.25 million jobs and personal income earnings now total $116 billion.
The cable industry’s enormous contribution to the economy directly reflects the delivery of products and services that millions of consumers enjoy daily: high-speed Internet connections that exceed 30 Mpbs in all 50 states, award-winning programming that dominates the TV ratings, digital voice services that millions use, and emerging features ranging from Wi-Fi hotspots, TV Everywhere and cloud-based DVRs.
With significant annual capital investments that total $230 billion since 1996, the cable industry isn’t standing still. Rather, it is building America’s technology future by contributing to a stronger, more connected, and more economically robust society. For all their work, cable companies have been recognized by the Progressive Policy Institute as “Investment Heroes” for their strong commitment to domestic capital investment even as the economy struggled through its recovery.
Cable’s economic impact is spread across America in communities large and small, urban and rural. You can find more than 300 cable industry employees in every U.S. congressional district, and more than 2,000 in some districts. Many of these communities are the recipient of the industry’s total cash and in-kind donations of more than $1 billion in 2014.
Part of what makes cable so great is that it seamlessly blends into our daily lives. We don’t often think of jobs and the U.S. economy when watching Game of Thrones or enjoying Internet speeds that have increased by 50 percent annually. But all of the effort that goes into creating TV shows, burying wires, answering calls, installing modems and so much more is indeed boosting America’s economic future.
Complete results from the study, including an interactive map with economic and job data by state and congressional district, is available here.