Wireless operators in the U.S. will invest nearly $275 billion over 7 years to build 5G network, according to a study from Accenture, commissioned by CTIA.

Accenture Strategy’s analysis estimates wireless industry’s investment in deploying 5G could create 350,000 new construction jobs and approximately 850,000 jobs in the United States when considering suppliers and other partners cumulatively over the seven years of network build-out.

The broader economic benefits from 5G could create an additional 2.2 million jobs in communities across the country.

The 5G research report said the deployment of the 5G wireless networks could create up to 3 million jobs and add approximately $500 billion to U.S. GDP through direct and indirect potential benefits.

5G-powered smart city solutions applied to the management of vehicle traffic and electrical grids alone could produce an estimate of $160 billion in benefits and savings for local communities and their residents.

“These 5G attributes will enable cities to reduce commute times, improve public safety and generate significant smart-grid efficiencies,” said Tejas Rao, managing director and Mobile Offering Network lead for Accenture’s North America practice.

“Full realization of the economic growth and cost savings will depend on how robustly 5G networks are deployed locally, and will require different approaches in local communities from those used in the past,” said Sanjay Dhar, managing director in Accenture’s North American Strategy practice.

Speed and capacity of 5G will require new, shoebox-sized small cells. The Accenture study calls upon municipal leaders to consider a new approach to wireless siting policies.

The study on 5G business suggests changes such as streamlining local permitting and regulations to account for the size and number of small cells needed, improving access to public rights of way, and changing wireless antenna fee structures to support the new small cell deployment model.