The cable industry remains one of the most important contributors to the U.S. economy, as evidenced in a new report from Bortz Media and Sports Group, in conjunction with the Internet & Television Association (NCTA).
According to the report, the cable industry is currently supporting 2.9 million jobs and has an overall economic impact of $421 billion. The industry’s economic impact is reaching all areas of the U.S. economy, with the largest private sector impacts seen in the manufacturing, information, and services sector. The report also estimates that the industry is having a big impact on public sector employment.
“Whether it’s building the powerful broadband networks that are transforming our lives or creating the award-winning TV that is entertaining us, this industry continues to be one of the most significant contributors to our nation’s economy,” stated Michael Powell, president and CEO of NCTA–The Internet & Television Association. “We are not only an American industry with employees in every corner of the country but we employ people of all different skill levels and backgrounds, providing important jobs for hard working citizens everywhere.”
The report also points to other areas that owe a great deal to the cable industry. As the report explains, the cable industry contributes a significant amount to non-profit organizations, charities, and state/ municipal coffers.
“In 2016, it is estimated that franchise and other consumer-related fees totaled $3.5 billion, reflecting funds paid directly to local municipalities,” the report states. “In addition, sales and use taxes associated with cable subscriptions amounted to over $4.2 billion in revenues to state and local government entities. Moreover, including both cable operators and program networks, the industry’s public service announcements as well as cash and “in-kind” contributions to local and national non-profit organizations for 2016 are estimated to have exceeded $1.0 billion.”
You can access a full copy of the report by clicking here.