2023 marked a significant surge in the fiber industry across various metrics.
In 2023, the deployment of fiber broadband achieved a historic milestone by reaching over 9 million new homes, exhibiting a remarkable year-over-year growth rate of 13 percent. The overall coverage extended to 77.9 million U.S. homes, encompassing approximately 52 percent of all unique homes and businesses nationwide.
This sustained expansion is instrumental in developing crucial infrastructure for future generations, and the outlook for 2024 anticipates further record-setting achievements, influenced by various factors. The initiation of the $42.45 billion NTIA BEAD funding has commenced, with several states securing approvals for their initial BEAD proposals. Anticipated throughout 2024 is a continuous flow of NTIA approvals and BEAD funding authorizations across the nation.
Beyond federal support, several factors propel fiber deployment forward. The cable industry is actively incorporating fiber in greenfield projects and matching competitive offerings, while telecom providers are extending fiber networks in both existing and new markets. Private capital markets contribute to the momentum, recognizing fiber projects as low-risk, long-term investments, particularly in areas where outdated copper infrastructure demands replacement.
Ongoing innovations drive the immediate and long-term demand for high-speed, low-latency, resilient, and reliable broadband, uniquely provided by fiber. The AI surge in 2023 and the consistent growth of AR/VR/XR applications are outcomes of fiber's near-infinite capacity. Quantum networks, in their early stages, will play a pivotal role in facilitating widespread usage of quantum computing power and securing business and national security networks.
In 2023, the adoption of multi-gig services through XGS-PON became the industry standard. there is a clear trajectory towards 100G PON for local service delivery, as core network speeds continue to rise in tandem with increasing usage and demand.
The sole challenge within the broader fiber industry ecosystem was on the supply side. In response to pandemic-related challenges, suppliers accumulated excess inventory in 2023, peaking at an average of nine months of stock on hand for fiber-related equipment. However, this inventory was depleted in the latter half of 2023, and the Fiber Broadband Association (FBA) estimates that fiber-related inventory will normalize in the first half of 2024.
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