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This report examines the current state of radio spectrum allocation in the US and the need for licensed spectrum to support the expansion of 5G connectivity. The study finds that there is currently more spectrum available to commercial wireless providers than is currently being used, with an additional 180 MHz of spectrum expected to be made available by the end of 2023. The report also notes that unlicensed and government users will have 4x and 7x more spectrum than commercial wireless, respectively. The increasing demand for 5G networks and the potential for 5G-enabled innovation make it clear that additional licensed spectrum is needed to support the growth of the wireless industry.