[Congressional Record (Bound Edition), Volume 158 (2012), Part 8]
[Extensions of Remarks]
[Page 11679]
[From the U.S. 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, 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.

  

                          ____________________