A new report by public-private partnership Connected Tennessee shows a business with a broadband connection is likely to generate more revenue and jobs. State businesses with high-speed Internet connections reported having median annual revenues more than $400,000 greater than businesses without broadband. Connected Tennessee examined all sectors of the state economy, partnering with the state to create the first broadband inventory maps and engage in research to better understand broadband adoption. A few of the findings:
• 47 percent (around 65,000) of Tennessee businesses have a website. Median annual revenues among businesses that use broadband and have a website are double the state average.
• 18 percent of state businesses allow employees to telecommute.
• 84 percent of Tennessee businesses—around 115,000—use computers.
• 11 percent of broadband-connected businesses reported needing more bandwidth.
• The median monthly cost for broadband for state businesses was $78.57.
• Across the state, some 90,000 businesses use broadband for daily business needs, including 55 percent of small businesses (or around 37,000 businesses with fewer than five employees).
• Half of all retail trade/recreation/food/lodging sector businesses lack broadband—18,875 businesses.
• 5,549 businesses (or 44 percent) in the ag/mining/construction/utilities sector lack broadband.