[Congressional Record Volume 158, Number 108 (Wednesday, July 18, 2012)]
[Extensions of Remarks]
[Pages E1272-E1273]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       TELECOMMUNICATIONS SECTOR INVESTS IN THE NATIONAL ECONOMY

                                 ______
                                 

                          HON. RANDY HULTGREN

                              of illinois

                    in the house of representatives

                        Wednesday, July 18, 2012

  Mr. HULTGREN. Mr. Speaker, as the national economy continues to 
struggle, I would like to highlight an encouraging development with 
regard to the telecommunications sector. As the attached synopsis of a 
recent report by the Progressive Policy Institute indicates, investment 
in the economy is a critical factor in promoting growth, creating jobs, 
and stimulating productivity. I applaud the telecom industry for its 
contribution to this effort.

 Report: Telecom Sector Leads the Way in Domestic Economic Investments

       While the domestic economy continues to struggle, a new 
     report shows that the telecommunications space remains one of 
     the biggest investors in attempting to boost the nation's 
     fortunes.
       The Progressive Policy Institute report, ``Investment 
     Heroes: Who's Betting on America's Future,'' found that among 
     non-financial institutions, AT&T and Verizon Communications 
     were the two top investors of capital expenditures in the 
     country last year. AT&T took the top spot with a reported 
     $20.1 billion in investments in 2011, with Verizon investing 
     $16.2 billion.
       ``The exponential growth in consumer demand for cable and 
     wireless data services makes it both a necessity and an 
     incentive for these companies to invest in building out their 
     service capabilities,'' the report noted. ``Investment is 
     what led to development of the latest high-speed 4G networks, 
     estimated to be 50% more efficient in streaming wireless data 
     than its 3G predecessor. What's more, the commitment of these 
     telecom companies to investment in wireless infrastructure, 
     cable communications, and processing equipment is a good 
     example of how investment can have important spillover 
     benefits. By using the infrastructure developed and 
     maintained by telecom companies,

[[Page E1273]]

     companies that develop software applications for smart 
     devices along with companies that provide Internet services--
     like Facebook and Twitter--are able to innovate and get those 
     innovations to consumers quickly. Because of the broadband 
     networks in place these non-telecom companies are able to 
     expand their businesses and service offerings.''
       Other telecom-related companies on the list included 
     Comcast at No. 8 with $5.3 billion in investments; Southern 
     Company, which owns wireless operator SouthernLINC, at No. 10 
     with $4.5 billion; Sprint Nextel at No. 16 with $3.1 billion 
     in investments; Time Warner Cable at No. 19 with $2.9 billion 
     in investments; Google at No. 24 with $2.2 billion in 
     investments; and Apple at No. 25 on the list with $2 billion 
     in investments.
       ``The role of investment in the economy is essential,'' 
     Diana Carew, an economist at the Progressive Policy Institute 
     and co-author of the report, told Breakout ``It creates jobs. 
     It boosts wages. It boosts productivity. It stimulates 
     growth. It affects millions of Americans in a very positive 
     way.''

    INVESTMENT HEROES: TOP 25 NONFINANCIAL COMPANIES BY U.S. CAPITAL
                              EXPENDITURE*
------------------------------------------------------------------------
                                                          U.S. Capital
                   Rank and Company                       Expenditures
                                                            ($Sbns)
------------------------------------------------------------------------
1  AT&T**............................................               20.1
2  Verizon Communications**..........................               16.2
3  Exxon Mobil.......................................               11.7
4  Wal-Mart..........................................                8.2
5  Intel.............................................                7.4
6  Occidental Petroleum..............................                6.2
7  ConocoPhillips....................................                5.6
8  Comcast**.........................................                5.3
9  Chevron...........................................                4.8
10  Southern Company**...............................                4.5
11  Hess.............................................                4.4
12  Exelon**.........................................                4.0
13  Ford Motor.......................................                3.9
14  General Electric.................................                3.7
15  Enterprise Product Partners**....................                3.6
16  Sprint Nextel**..................................                3.1
17  Walt Disney......................................                3.0
18  FedEx............................................                2.9
19  Time Warner Cable**..............................                2.9
20  General Motors...................................                2.8
21  Target...........................................                2.5
22  IBM..............................................                2.5
23  Chrysler Group...................................                2.5
24  Google...........................................                2.2
25  Apple............................................                2.0
                                                      ------------------
    Total............................................              136.2
------------------------------------------------------------------------
* Universe includes nonfinancial Fortune 150 companies from 2011;
  financial reporting from FY11.
** Reported to have U.S. operations only; may include a small amount of
  non-U.S. investment.

  

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