AT&T had the fastest 3G network in the country, but when it comes to 4G LTE service, they’ve been way behind Verizon. It looks like AT&T is finally ready to play catchup with Verizon though as they announced this morning that they plan to invest $14 billion into their LTE network over the next three years.

AT&T is calling their investment and LTE expansion plans, “Project Velocity IP,” and is hoping that the investment in the network will drive continued increases in revenues from existing products and services.

The 4G LTE network expansion should culminate by the end of 2014 and will increases AT&T’s LTE coverage to include 300 million people in the U.S., up from it’s current plans to deploy 4G LTE to about 250 million people by the end of 2013.

Along with the LTE expansion, AT&T is also expanding their wired broadband network. The additional fiberlines should help AT&T tap into 1 million additional business customer locations by 2015. AT&T expects that the improvements made to their LTE network will cost about $8 billion, while the wireline initiatives will total $6 billion.

• SourceAT&T