5G networks will create up to 4.6 million jobs and contribute as much as $1.7 trillion to the U.S. economy by 2030, according to a new report.

That growth will be fueled by infrastructure investment and applications or services that are invented upon and delivered by 5G, Boston Consulting Group (BCG) concluded. The report, which was commissioned by the industry association and lobbying group CTIA, put 5G’s total U.S. economic contribution in the range of $1.4 trillion to $1.7 trillion and linked jobs created by 5G between 3.8 million and 4.6 million. 

However, the wireless industry’s direct impact on GDP and jobs is more narrow. “Through direct spending on capital and labor, we estimate that 5G deployment will contribute $400 billion to $500 billion to U.S. GDP and create 800,000 to 1 million jobs from 2020 to 2030,” BCG analysts wrote, adding that indirect impact represents about 70% of 5G’s total potential.

The report did not address the negative impacts of network virtualization and automation — trends that are accelerating amid 5G and killing more jobs than they create in the process.

BCG’s analysis did, however, conclude that every six-month delay in 5G network deployment could lower economic outlook by an average of $25 billion. The consultancy warned that keeping 5G on track will require coordination and assistance from every level of government, including continued auctions of more licensed spectrum.

“Over time, as the networks mature and penetration rates rise, the major drivers of gross domestic product (GDP) and employment growth will shift from direct infrastructure build-out to indirect impacts from new and improved use cases across industries,” BCG analysts wrote in the report.

“With three nationwide 5G networks launched and 5G smartphones hitting the market, America’s wireless industry is building the foundation for our country’s economic recovery,” CTIA CEO Meredith Attwell Baker said in a statement.

The most densely populated areas of the country will realize the benefits of 5G sooner, but those gains will eventually reach other regions as major industries like health care, agriculture, and education adopt 5G and build new services on it, according to BCG.

5G will contribute $104 billion to the health care industry and indirectly lead to the creation of 341,000 new jobs in that sector. Manufacturing will gain 380,000 jobs and $165 billion, and information services will capture an additional $217 billion and 205,000 new jobs, BCG’s analysts forecast in the report.

The economic benefits of 5G will be widespread and varied based on the industries that comprise the largest number of jobs in each region. New York City is expected to capture $77 billion in GDP growth, the Seattle metropolitan area will gain $63 billion, and the Dallas area will see GDP growth of $22 billion, according to BCG.

The firm also, prodded by CTIA and the operators that largely control its lobbying efforts, returned to the theme of mid-band spectrum, arguing that the U.S. is still behind other countries in allocating it for commercial wireless services. 

While operators no doubt agree with the critical nature of mid-band spectrum for 5G, the price for those respective licenses is becoming increasingly cost prohibitive. The recently closed C-Band auction neared $81 billion total, and there are legitimate questions about how and when operators that won those licenses will earn that money back.

“The coming 5G economy promises significant economic benefits for the U.S., both in terms of GDP and job growth. Moreover, the benefits are likely to be broad and deep, improving business operations and the consumer experience across the country. But these benefits are not assured,” BCG wrote in the report.

“It’s likely, for example, that 5G will create economic disruptions outside the existing regulatory paradigm,” the firm concluded. “In response, policymakers, regulators, and the private sector will need to coordinate to ensure the 5G rollout is smooth and the country has the necessary talent to capture the full benefits of the 5G economy.”