AT&T today announced that it will invest $14 billion over the next three years to “expand and enhance” its wireless and wireline broadband networks. The company is calling its investment plan “Project Velocity IP” (VIP), and claims that the expansion will increase revenues on what it sees as high-potential growth platforms.

“This is a major commitment to invest in 21st Century communications infrastructure for the United States and bring high-speed Internet connectivity – 4G LTE mobile and wireline IP broadband – to millions more Americans,” said Randall Stephenson, AT&T chairman and CEO. “We have the opportunity to improve AT&T’s revenue growth and cost structure for years to come, and create substantial value for shareowners.

“Revenues in our key growth areas – wireless data, U-verse, and strategic business services – are all growing at a strong double-digit rate. Project VIP expands our potential in these key platforms and makes them available to many more customers. With our strong balance sheet, these capital investments are manageable. We are very confident in our ability to execute this plan. These are things we’ve done before – logical extensions of proven technologies and already successful businesses.”

Of the $14 billion, AT&T will use $8 billion for wireless initiatives, and $6 billion for wireline initiatives. The company expects its 4G LTE network to cover 300 million people by year-end 2014 and its wired IP broadband network to expand to 75% of its customers by year-end 2015. In addition, it expects fiber deployment to reach 1 million new business customers by year-end 2015, covering 50% of multi-tenant office buildings in its wireline service areas.