General Economic Impact

User education level affects WTP for libraries

In a study examining Korean Library Users' willingness to pay for library services:"University graduates and people who had graduate school education gave higher WTP [willingness to pay] bids than people with less than high school education".

Value of the British Library

The value of the British Library was calculated by applying a variety of measurement methods; the results showed the value to be $4.40 per $1 of budget for one year.

Value of the Carnegie Library of Pittsburgh

To measure the value of the Carnegie Library of Pittsburgh, the library's economic influence and its benefits for its users, which were measured with time value....To measure users' benefits, the study measured the time that 1300 users spent at ht library. The value of the time used by each individual was calculated by applying the intermediate value of male and female wages in the area. The total value of the Andrew Carnegie Free Library was $3 per $1 of library expenses, and varied according tot he possibility of changes in time value offered by the users of the library. The library created $6.14 per $1 of budget provided by the city government.

Value of Florida Public Libraries

In the study of Florida public libraries, a total of 17 public libraries were analyzed to assess the benefits to adult users who were 18 years of age or older; this study also considered the economic impact on these users....The analysis showed that approximately $6.40 of the total value per $1 of the budget was created.

Libraries have value to neighborhoods

People prefer to live near a public library if they have a choice, and often perceive library access as part of an enhanced quality of life, although it is rarely a direct factor in home purchase decision making.

Proximity to the library has value

Users who stop at the library while completing a longer list of errands report "halo" spending at firms and establishments close to the library. Although this spending is not part of an economic impact statement of Minnesota's public libraries, it is also true that proximity to a library increases spending for those businesses located near the library.

Public Library Stakeholders

stakeholders, inside and outside the library represent library users with children or grandchildren; employees from the community at large, who check out materials for use at their workplace, as well as job seekers; library users who contact public library reference libraries for information; and technology users with a need for Internet access.

Social Return on Investment in Public Libraries

The social return on investment from Minnesota public libraries is greater than simply the measureable return on investment. Other benefits of significant value include the collection of materials itself, and the many services of the library; the educational programs, as well as the educational benefits of the library's mission including literacy of the citizenry; technology for use in the library; the expertise of the library staff; the library facility as a community gathering place; the "halo" spending by library users at establishments close to the library; and the value of a library's enhancement to neighborhood real estate and community partnerships.

Monetized impacts and other benefits from public library annual operations

Monetized impacts and other benefits from annual operations in 2010 delivered a payroll impact of more than $260.8 million dollars, a sales [services] impact of more than $366.4 million dollars, and an employment impact of an estimated 3,674 jobs to the State.

Value of Public Library Reference Transactions

Reference Transactions – The basic methodology for calculating the value of reference transactions is based on estimates made for the recent Wisconsin library study (2008), but here inflated to 2010 dollars. Bibliostat reports reference transactions numbering 3,591,200. These are valued at $4.32 each, resulting in a total value of $15,513,984.

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