Ctia-无线投资与经济效益 WIRELESS INVESTMENT AND ECONOMIC BENEFITS 2024

WIRELESSINVESTMENTANDECONOMICBENEFITS

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ExecutiveSummary

Themajorwirelessprovidersareamongthetopcompaniesasmeasuredby

investment(totalcapitalexpenditures)intheUnitedStateseconomy.From2020,thefivepublicly-tradedmobilecarriers—AT&T,Dish,Verizon,T-Mobile,and

UScellular—haveinvestedanaverageof$54billionperyear,makingthemthe

second-highestinvestingindustryaftertheTech/internetsector.Since2011,thebiggestfivewirelessproviders’capitalexpendituresof$591billionarecomparabletothecapitalexpendituresofthe“Big5”techcompanies($611billion).

ThisinvestmenthasprovidedinfrastructurethathasfacilitatedeconomicactivityandinvestmentthroughouttheUSeconomy,includingfromothercompanieswithsizablecapitalexpenditures.

Wirelessinvestmentshaveproducedsubstantialeconomicbenefitsinrecentyears.Growthinwirelessservicesstimulatesgrowthinrelatedindustries,includingthosethatsupplyinputsforwirelessinfrastructureandcreatecomplementaryproducts,suchaswirelessdevices.Similarly,improvementsinthequalityandcapacityof

wirelessnetworksfacilitatedemandfornewand/orimprovedproductsandservicesthatrunonthesenetworks,suchasinternetsearchandsocialnetworking.Overthe2010s-decade,economicactivityfacilitatedbywirelessprovidersaccountedfora$500billionincreaseinGrossDomesticProduct(9percentofthetotalincreasein

USGDP)and10millionadditionaljobs(25percentoftheincreaseinUS

employment).

Theongoinginvestmentintelecominfrastructurebywirelessserviceprovidershascontinuedtoprovideeconomicbenefits.Since2020,whileoverallinflationhashitlevelsnotseeninseveraldecades(analmost20percentincreasebetween2020and2023),wirelesspriceswereclosetoflat.Atthesametime,keymeasuresofwirelessoutputgrewsubstantially.Datatraffic,whichreflectstheuseofwirelesscapacitybyotherbusinessescontributingtoeconomicandemploymentgrowth,e.g.,videoconferencing,increasedby75percentbetween2020and2022.

WIRELESSINVESTMENTANDECONOMICBENEFITS

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WirelessCompanies’CapitalExpendituresRemain

AmongtheHighestintheUSEconomy

Wirelesscarriershavehadandcontinuetohavecapitalexpenditures(investmentlevels)thatareamongthelargestamountsbyUScompanies.From2020,

1

thefivepublicly-tradednationalmobilecarriers—AT&T,Dish

2

,Verizon,T-Mobile,andUScellular—haveinvestedanaverageof$54billionperyearintheirinfrastructure,

3

asshowninTable1.

4

Table1:CapitalExpendituresbyPubliclyTradedUSWirelessCarriers(billions)

YearAT&TDishVerizonT-MobileUScellularTotal

2020$15.551

$0.096

$16.103

$11.325*

$0.940

$44.015

2021$20.288

$1.012

$20.286

$12.326

$0.780

$54.692

2022$23.539

$2.596

$23.087

$13.970

$0.717

$63.909

2020-2022

average

$54.205

Sources:ProgressivePolicyInstitute(PPI),InvestmentHeroesreports,2022(p.8)and2023(p.3)forAT&TandVerizon,2022and2021Dish10-Kreports,2022T-Mobile10-Kreport,2022and2021UScellular10-Kreports.

*Includes$291MofcapexfromSprintbeforethemergerwithT-MobileinApril2020

Theserecentinfrastructureinvestmentsareofcomparablemagnitudetotheinvestments

observedinothersources.Inparticular,startingwithinvestmentlevelsfor2011,the

ProgressivePolicyInstitute(PPI)hasproducedannualInvestmentHeroesreports,which

identifythecapitalexpendituresofthetop25USnonfinancialcompanies.

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AT&TandVerizonrankedfirstandsecondfrom2011through2017andremainedamongthetopfivecompaniesfrom2018through2022(mostrecentlyavailablereport).Overthetwelve-yearperiodcoveredbyPPI’sreports(2011-2022),themajorwirelessproviders—AT&T,Sprint,T-Mobile,Verizon,UScellular(andDishfrom2020)investedatotalofabout$591billion,

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whichiscomparabletothe$611billioncombinedinvestmentofthe“Big5”techcompanies—Alphabet(Google),

Amazon,Apple,Meta(Facebook)andMicrosoft.

7

Itisworthnotingthatthewirelessindustry’s$591billiondoesnotincludethe$182billionpaidtotheUSTreasuryfrom2011through2022forthespectrumlicensesthatpowerwirelessnetworks.

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WIRELESSINVESTMENTANDECONOMICBENEFITS

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Thewirelessindustry’scombinedaverageinvestmentfrom2011through2019was$47.7

billion.Therefore,themostrecentaverageannualinvestmentlevelsare14percenthigherthantheywerethroughoutthe2010s,asshowninFigure1.

Figure1:AverageAnnualWirelessCompanyCapitalExpenditures(billions).

$60.0

$-

$54.2

$47.7

2011-2019average2020-2022average

Sources:PPIInvestmentHeroesreports,2012-2023forAT&TandVerizon,Annual10-Kreportsforallothercarriers.

WIRELESSINVESTMENTANDECONOMICBENEFITS

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HowWirelessCapitalExpendituresCompare

toOtherMajorInvestingCompanies

Toprovidecontextforthemagnitudeofwirelessinvestment,Table2comparesthe2022UScapitalexpendituresforAT&T,Verizon,andT-Mobile

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toU.ScapitalexpendituresoftheothercompaniesinPPI’stop25.

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Table2:2022CapitalExpendituresofWirelessandOtherMajorInvestors

Rank

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

Company

Amazon

Meta(Facebook)

Alphabet(Google)

AT&T

Verizon

Microsoft

Intel

Walmart

T-MobileUS

Comcast

DukeEnergy

PG&E

ExxonMobile

CharterComnmunicationsChevron

Apple

DominionEnergy

Exelon

Conocophillips

FedEx

DeltaAirLines

GeneralMotors

Target

Tesla

UnitedAirlines

FordMotor

Total

Estimated2022Domestic

CapitalExpenditures

(billions)

$46.488

$28.738

$24.223

$23.539

$23.087

$18.400

$15.467

$14.232

$13.970

$12.221

$11.367

$9.584

$9.547

$9.376

$8.856

$8.435

$7.758

$7.147

$6.721

$6.448

$6.366

$6.196

$5.528

$4.869

$4.819

$4.774

$338.156

PercentofTotal

13.7%

8.5%

7.2%

7.0%

6.8%

5.4%

4.6%

4.2%

4.1%

3.6%

3.4%

2.8%

2.8%

2.8%

2.6%

2.5%

2.3%

2.1%

2.0%

1.9%

1.9%

1.8%

1.6%

1.4%

1.4%

1.4%

100.0%

Sector

Tech/internet&Ecommerce/retail

Tech/internet

Tech/internet

Wireless

Wireless

Tech/internet

Tech/internet

Ecommerce/retail

Wireless

Cable

Energydistribution

Energydistribution

EnergyexplorationandproductionCable

Energyexplorationandproduction

Tech/internet

Energydistribution

Energydistribution

Energyexplorationandproduction

Transportation

Transportation

Automotive

Ecommerce/retail

Automotive

Transportation

Automotive

Tech/internet

$113.858

33.7%

Wireless

$60.596

17.9%

Ecommerce/retail

$47.653

14.1%

Energydistribution

$35.856

10.6%

Energyexplorationandproduction

$25.124

7.4%

Cable

$21.597

6.4%

Transportation

$17.633

5.2%

Automotive

$15.839

4.7%

Sources:PPI2023InvestmentHeroesReport,p.3(Table1)and2022T-MobileUS10-Kreport.

WIRELESSINVESTMENTANDECONOMICBENEFITS

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Thetableshowsthatin2022,themajorwirelesscompanieswereallamongthetoptencompanies,withcapitalexpendituresatacombinedlevelof$61billion(18percentofthecapitalexpendituresamongthetop26companies).

ThelastcolumnidentifiesthesectorsPPI’smostrecentreportassignedtoeachofitstop25companies,

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withtwomodifications.First,Amazonhasmanybusinessinterests,buttwo

distinctrevenue-producingservices—AmazonWebServices(AWS)and.AmazonWebServicesisclearlypartoftheTech/internetindustry,withGoogle’sandMicrosoft’scloudservicesbeingmajorcompetitors.Inaccordancewithanalystestimates,40percentof

Amazon’scapitalexpendituresareassignedtotheTech/internetsectorand60percenttoEcommerce/retail.

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Second,toevaluatethewirelessindustryonitsown,PPI’s

Wireless/broadbandsectorhasbeenreplacedwithseparateWirelessandCablesectors.

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Totalinvestmentswithinthesectorsarelistedinthebottomrowsofthetable.TheWireless

sectorhadthesecondhighestcapitalexpenditures,rankingbehindtheTech/internetsector.Thetoptwosectorsaccountedformorethanhalfthetotalcapitalexpendituresfortheyear.Whilerecentwirelesscompanycapitalexpendituresaresignificantbythemselves,asdescribedingreaterdetailbelow,theyprovidetheinfrastructurethatmakesservicesprovidedbyothercompaniesmorerobustandcapable,whichinturnstimulatescapitalinvestmentsbythose

companies.

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Forexample,theexpandingcapacityofwirelessnetworksmakesdevicessuchassmartphonesmoreattractive,which,inturn,stimulatesinvestmentbyAppleandother

deviceproviders.Amongother“Big5”techcompanies,wirelessinfrastructurehasfacilitatedthegrowthofsocialnetworkingservices,suchMeta’sFacebook,andsearchengines(e.g.,

Google).

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Inotherwords,ratherthanviewingcapitalexpendituresbyparticularsectorsinisolation,investmentsinsectorssuchaswirelessarepartofavirtuouscirclethatstimulateseconomicactivityandinvestmentinothersectors,whichinturnprovideincentivestoincreasefurtherwirelessqualityandcapacity.

Table3illustratestheseinterconnections.Thetableshows(1)thecontributiontoGross

DomesticProduct

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ofsocialnetworkingandsearchenginesfacilitatedbywireless(calculatedintheCompassLexeconreport),(2)capitalexpendituresbyAlphabet(Google)andMeta

(Facebook)since2016(thefirstyearMetaappearedinthePPIreports),and(3)wireless

industrycapitalexpenditures.GDPfacilitatedbywirelesscompaniesincreasedfrom$88billionin2016to$226billionfouryearslater—anincreaseof156percent.Capitalinvestmentby

GoogleandFacebookincreasedby149percent:from$12billionin2016toabout$30billionin2020.

WIRELESSINVESTMENTANDECONOMICBENEFITS

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Table3:Wireless-GeneratedGDPGrowth(billions)

Year

Wireless-Driven

SearchEngineand

SocialNetworking

ContributiontoGDP

Alphabet&FacebookInvestment

WirelessIndustryInvestment

2016

$88.1

$12.0

$47.9

2017

$123.5

$12.8

$49.9

2018

$132.2

$20.4

$52.2

2019

$221.7

$32.6

$53.1

2020

$225.6

$29.8

$44.0

Sources:PPIInvestmentHeroesReports,2017through2023;Dish,T-Mobile,UScellular,andSprint10-Kreports;andCompassLexeconReport,pp.37-39(AppendixA).

WirelessInfrastructureInvestmentHasProduced

SubstantialEconomicBenefits

Wirelessnetworkoperators’capitalexpendituresarearelativelysmallpercentageofUSGDP,

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buttheindustryhasanoutsizedimpactontheoveralleconomy.Thiseffectoccursthrough

fourmajorchannels.First,companiesknownasmobilevirtualnetworkoperators(MVNO)thatdonotowntheirownwirelessfacilitiesleverageproviders’networksandresellservicesto

customers.Second,wirelessinfrastructureproviderspurchaseinputsneededtobuildtheir

networksfrom“upstream”companies.Thesepurchases,aswellasinputpurchasedbywirelessinputsuppliersfurtherandfurtherupstreamgenerateadditionaleconomicactivity.Third,

purchasesbytheemployeesofwirelesscompaniesandupstreamcompaniesgenerate

additionaleconomicactivity.Fourth,companies“downstream”fromwirelesscompaniesofferservicestotheircustomersleveragingservicesofferedbywirelesscompanies,e.g.,mobileappstoplayvideogamesand/orparticipateinvideomeetings.

Arecentstudyusedthisframeworktoanalyzehowthefourchannelsmagnifytheeconomic

effectsofwirelessindustrygrowthfrom2011through2020.

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Table4presentsthehighlights.Duringthe2010s,thewirelessindustryanditsupstreamanddownstreamlinkagesexperiencedover$520billioningrowthfortheircontributiontoGDP(from$303billionto$825billion),

whichaccountedfor9.1percentofthe$5.72trilliongrowthinUSGDP.Theemployment

outcomeissimilar.The2.58millionincreaseinwireless-generatedemploymentaccountedforone-fourthofthe2010s10.24milliongrowthinjobs.

WIRELESSINVESTMENTANDECONOMICBENEFITS

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Table4:WirelessIndustry-GeneratedEconomicGrowth:2011-2020

GDP(trillion)

Employment(Million)

Year

Wireless-generated

US

Wireless-generated

US

2011

$0.30

$15.60

1.86

131.92

2020

$0.83

$21.32

4.45

142.16

Change

$0.52

$5.72

2.58

10.24

PercentofUSgrowth

9.1%

25.2%

Sources:CompassLexeconReport,pp.37-39(AppendixA),BLS,andBEA.

TheimpactsidentifiedbyCompassLexeconmaybeconservativefortworeasons.First,BEA’scurrentlyavailablewirelessindustryGDPdataaverageabout10percenthigherfor2017

through2020thanthevaluesintheCompassLexeconreport,suggestingthatthehistorical

economiceffectsmaybeevenlarger.Second,whilethelinkagesbetweenthewirelessindustryandupstreamfirmswerequitestablethroughoutthe2010s,i.e.,adollarincreaseinwirelessindustryGDPgeneratedalmostanadditionalthreedollarsofupstreamGDP,thecontributionofthewirelessindustrytodownstreamfirmsincreasedsubstantiallyaswirelessconnectivitygrewinitsimportancetosociety,offeringincreasedopportunitiesfordownstreamcompaniesto

leverage.Inparticular,onedollarinwirelessGDPresultedin18centsofadditional

downstreamGDPin2011,butby2020,theimpacthadincreasedto$2.45,suggestingthatasthistrendcontinues,futureeconomicbenefitswillbeevenlarger.

Therecent(post2019)increasesinwirelessinfrastructureinvestment(Table1)are

accompaniedbylowerpricesandgreateroutput,whichhavelongbeenanimportantstandardforevaluatingeconomicperformance.

19

Turningfirsttoprices,althoughtheoveralleconomyexperiencedhighinflationrelativetothatexperiencedforseveraldecades,wirelesspriceswereessentiallyflat(orevendecreasingbyanothermeasure).Figure2displaystherecenttrendsintheconsumerpriceindex(CPI)foreconomy-widepricesandtheCPIforwirelessservices.

20

WIRELESSINVESTMENTANDECONOMICBENEFITS

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Figure2:Economy-wideandWirelessPriceIndices:2020-2023

117.7

120

113.0

115

110

104.7

105

101.3

101.7

101.0

100.0

100

95

90

85

80

75

2020202120222023

____CPIU____CPI-wireless

Figure2showsthatwhileeconomy-widepricesincreasedby18percentfrom2020through2023,wirelesspricesincreasedbyonlyonepercent.

21

Relativetoeconomy-wideprices,

between2020and2023wirelessprices(realprices)decreasedby14.2percent(5.0percentannually).

22

Wirelessoutputalsoincreasedsubstantiallyduringthepost-2019years,likelyinpartduetotheemergenceofCOVIDandtheincreasinguseofvideoconferencingasasubstituteforin-personmeetingsandconversations.Previousandongoingwirelessinfrastructureinvestmentprovidedthecapacityforsmartphoneandotherwireless-deviceuserstoparticipate.Theincreasein

datatrafficisespeciallyinstructive,asshowninTable5.

23

WIRELESSINVESTMENTANDECONOMICBENEFITS

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Table5:IncreaseinDataTraffic:2020-2022

Year

DataTraffic

(trillionmegabits)

MonthlyTraffic

PerUnit(gigabits)

2020

42.2

7.7

2021

53.4

9.1

2022

73.7

11.9

2020-2022Increase

31.5

4.2

2020-2022Growth

75%

55%

AverageAnnualGrowth

32%

24%

2011-2019increase

36.7

6.9

Source:CTIA’sWirelessIndustryIndicesReport,YearEnd2022Results,p.13,Chart2andp.15,Chart4.0

Totaldatatrafficincreased75percentintwoyears,whichrepresentsanannualgrowthrate

of32percent.Trafficperunitincreasedsomewhatless—by55percent(24percentannually).

24

Theincreasesinthevolumeofdatatrafficoverthetwo-yearperiodinTable5representa

substantialproportionofdatatrafficvolumesthatemergedinthe2010s:the31.5trillionMBincreaseintotaltrafficis86percentoftheincreaseofthepreviousnineyears.Similarly,the4.2GBpermonthintrafficperunitis61percentofthegrowthduringthepreviousnineyears.

WIRELESSINVESTMENTANDECONOMICBENEFITS

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Conclusion

WirelessnetworkoperatorshavebeenamongtheleadinginvestorsintheUS

economy,withaverageannualcapitalexpendituresof$54billionsince2020.

OnlytheTech/internetsectorhasexceededthislevelofinvestmentinrecentyears.Since2011,themajorwirelessproviders’capitalexpendituresof$591billionare

comparabletothecapitalexpendituresofthe“Big5”techcompanies.

Theincreasedqualityandcapacityofwirelessinfrastructureenabledbythis

investmenthasproducedeconomicbenefitsthroughouttheeconomy—arecentstudyattributed9percentofthegrowthfrom2011to2020inUSGDPand25percentofthegrowthinUSemploymenttoeconomicactivityfacilitatedby

wirelessproviders.Wirelesscapitalexpendituresinsubsequentyearshave

supportedincreasedwirelessdataconsumption—allwhilepriceshaveremainedstableduringaninflationaryperiod—facilitatingcontinuingeconomicgrowth.

1T-MobileUS2020Form10-KwasthefirstyeartoincludetherecentlycompletedmergerwithSprint.2Dish’ssignificant5G/wirelessinvestmentbeganin2020.

;Thesewirelessproviders’202310-Kreportslist$55billionincapitalexpenditures.ConsistentwithPPI,AT&T’scapitalexpenditureamount(1)includesvendorfinancedpurchasesand(2)multipliesthesumofcapitalexpendituresandvendorfinancingbytheproportionoftotalnetplantusedforUSoperations(about97percent).

4Inadditiontothesefournationalcarriers,theFederalCommunicationsCommission’s2022

CommunicationsMarketplaceReportlistslargerregionalcarriersand“dozensofotherfacilities-basedmobilewirelessserviceprovidersthroughouttheUnitedStates,manyofwhichprovideserviceinasingle,oftenrural,geographicarea.”FederalCommunicationCommission,2022Communications

MarketplaceReport,GNDocketNo.22-203,December30,2022,par.64,availableat

/public/attachments/FCC-22-103A1_Rcd.pdf.

5See,forexample,MichaelMandelandJordanShapiro,InvestmentHeros2023,ProgressivePolicy

Institute,October2023,availableat

/wp-

content/uploads/2023/10/PPI-Investment-Heroes-2023.pdf.

6PPIupdateditsmethodologyforcalculatingAT&T’s2021capitalexpenditurestoincludepaymentofvendorfinancing.MichaelMandelandJordanShapiro,InvestmentHeros2022:FightingInflationwithCapitalInvestment,ProgressivePolicyInstitute,July2022,p.12,availableat

/wp-content/uploads/2022/07/InvestmentHeroesPPI2022.pdf.

HadPPIupdateditscalculationinthefirstyearthelineitemappeared(2018),the2011-2022wireless

capitalexpenditureswouldtotalabout$598billion.

7BasedPPIforAT&TandVerizonandonannual10-Kreportsfortheothercarriers.Totalwireless

investmentsfor2020through2022arelistedinTable1.Forthe“Big5”techcompanies,inyearsinwhichparticularcompanieswerenotamongPPI’stop25,theinvestmentforthe25thcompanywasusedasaconservativelyhighestimate.

8FederalCommunicationsCommission,2025BudgetEstimatestoCongress,March2024,availableat

/public/attachments/DOC-401057A1.pdf.

9In2011and2012,Sprint-Nextelwasthe16thand13thlargestcompany,respectively.WhilePPIdoesnotincludeT-Mobile,becauseitisownedbyanon-UScompany,itobservedthatits2021capital

expendituresweremorethan$12billion,asshowninTable1.MandelandShapiro,supranote6,p.11.

10MandelandShapiro,supranote5,p.3(Table1).Theauthorsobserve:“Alltold,the25companiesintheInvestmentHeroeslistinvested$324billionintheUSin2022(Table1).”

11Ibid.,pp.7-8.

12Arecentarticlereportedthat40percentofAmazon’scapitalexpenditureswenttoitsAWSservice.

SebastianMoss,“AWSrevenuesincrease12%,‘significantcapitalexpense’goestogenerativeAI,”TheInvestment&MarketsChannel,August4,2023,availableat

/en/news/aws-revenues-increase-12-significant-capital-expense-

goes-to-generative-ai/.

13Broadband/internetaccountforonly11percentofAT&T’sandVerizon’swirelessplusbroadband

revenues(AT&T202310-Kreport,pp.24and26;Verizon202310-Kreport,pp.30-31).ForComcast

WIRELESSINVESTMENTANDECONOMICBENEFITS

12

andCharter,internetrevenuesaccountedfor42percentofresidentialrevenue(Comcast202310-Kreport,p.71;Charter202310-Kreport,p.37).

14Amazon’s2023Form10-K(pp.2-3)describeshowitscustomersaccessitsservicesthroughmobileappsandlistsamongitsactualandpotentialcompetitorsvariousinternet-basedoperations:

“Customersaccessourofferingsthroughourwebsites,mobileapps,Alexa,devices,streaming,and

physicallyvisitingourstores…Ourcurrentandactualcompetitorsinclude…websearchengines,

comparisonshoppingwebsites,socialnetworks,webportals,andotheronlineandapp-basedmeansofdiscovering,using,oracquiringgoodsandservices,eitherdirectlyorincollaborationwithother

retailers…”

15ArenMegerdichian,TheImportanceofLicensedSpectrumandWirelessTelecommunicationstothe

AmericanEconomy,preparedforCTIA,December7,2022,availableat

/wp-

content/uploads/2022/12/Compass-Lexecon-Licensed-Spectrum-Report.pdf,

(“CompassLexecon

Report”).

16GrossDomesticProductisthetotalmarketvalueofthefinalgoodsandservicesproduced

withintheUnitedStatesinayear.BureauofEconomicAnalysis(BEA),WhatisGDP?,availableat

/system/files/2020-04/GDP-Education-by-BEA.pdf.

Valueaddedisthecontributionofaparticularindustry(orsector)toGDP.

17TheBureauofEconomicAnalysisproduceseconomy-wideandindustry-levelGDPdata(availableat

/iTable/?reqid=150&step=2&isuri=1&categories=ugdpxind&_gl=1*gp1qf7*_ga*Mj

AyMzE1Mjg2Mi4xNzA5ODMyMTU4*_ga_J4698JNNFT*MTcxMTQwNjg1MS42LjEuMTcxMTQwNzEwMi41O

S4wLjA.#eyJhcHBpZCI6MTUwLCJzdGVwcyI6WzEsMiwzXSwiZGF0YSI6W1siY2F0ZWdvcmllcyIsIkdkcHhJb

EQ\*jc3\*hps20\o\al(\s\up0(m),of)

EQ\*jc3\*hps20\o\al(\s\up0(Qi),U)

EQ\*jc3\*hps20\o\al(\s\up0(X),S)

EQ\*jc3\*hps20\o\al(\s\up0(Sx),G)

EQ\*jc3\*hps20\o\al(\s\up0(b),D)

EQ\*jc3\*hps20\o\al(\s\up0(Il),P)

In2022,thewirelessindustryaccountedfor0.7percent

18CompassLexeconReport,supranote15,pp.23-34identifiedfivedownstreamindustries:(1)social

networking,(2)mobilegaming,(3)smartphoneapps,(4)searchengines,and(5)digitaladvertising.19See,forexample,HerbertHovenkamp,Antitrustin2018:TheMeaningof