General Economic Impact

Economic Output of the Carnegie Library

In 2004 Carnegie Library of Pittsburgh supported more than 900 jobs and $80 million in economic output in Allegheny County through its operations and renovations. Even without the additional impact of these renovations, the library can be expected to sustain more than 700 jobs and more than $63 million in economic output in Allegheny County annually. (p.2)

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Community impact and benefits

Economic Vitality Brought with Seattle Central Library

The Library is associated with $16 million in net new spending in Seattle in its first year of operations--equal to $80 million for 5 years, $160 million for 10 years, or $320 million over a 20-year period. Nearby businesses report increases in spending associated with visitors to the Central Library. Increases in the use of Library resources contributes to learning, literacy, business productivity, personal and professional developments, and individual livelihood.

Reference:

The Seattle Public Library central library : economic benefits assessment : the transformative power of a library to redefine learning, community, and economic development

Added value to homes and neighborhoods

Homes within ¼ mile of a Library are worth, on average, $9,630 more than homes more than ¼ mile from a Library. For homes between ¼ and ½ mile of a Library, the additional value is $650.Libraries are responsible for $698 million in home values in Philadelphia. That’s an increase in home values that homeowners can borrow against to finance education, home improvements and other types of spending.The additional home values generated by proximity to a Library produce an additional $18.5 million in property taxes to the City and School District each year. Under a scenario of accurate and timely assessments, this is how much property tax revenue could be lost per year if all libraries were closed.

Reference:

The economic value of the Free Library in Philadelphia