Economic Impact

The extent taxpayers in South Carolina feel the public library contributes to their economic well-being

Among the findings are indications that the public library: - 49% of business users indicated that they obtained most of the business/research information from their public library - 78% of business users indicated that information obtained from the public library contributed to the success of their business - 59% of personal investors said they obtained the information needed for making investment decisions from their public library - 48% said "definitely" the investment information at the public library had contributed to their financial well-being and 34% said "somewhat"

Intangible and indirect benefits of the library

The public library provides important intangible and indirect benefits and has become increasingly vital in this era because of the reliance on - and expectation of - public access to networked information services and resources. As the nation and the world continue to move into the networked invironment with increased access to a broad range of digital information, one may reasonably expect additional economic benefits to result from networked services and programs in the public library. (p.225)

New Zealand valuation of library services

The National Library of New Zealand found a 3.5:1 benefit-cost ratio in their national bibliographic database through use of a CM (choice modeling) survey. (p.441)

Norwegian valuation of library services

Another CV (contingent valuation) survey of public libraries... has recently been reported by Svanhild Aabo, who estimated that Norwegian public libraries represent, on average, a 4:1 benefit-cost ratio. (p.441)

British valuation of library services

One of the most notable examples of a CVM [contingent valuation method] application was undertaken by consultants employed by the British Library, who found that the overall benefit of its services to the British public was around 4.4 times the funding the library recieves from the government. (p.440-1)

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.

Businesses couldn't have done it without the library

8% of survey respondents report that they could not have started, grown or improved their business without the Free Library, resulting in an estimated 8,630 businesses that benefited from Free Library business development services. (p.5)

Economic value of library enhanced business development

The economic value of the Library services that help Philadelphians develop or enhance their own businesses totals $3.8 million for FY10, comprised of:$2.9 million in business development online and database activities$819,285 in business development book-reading & lending$55,385 in business development programming(p.5)

Library has direct impact on finding jobs

Fels estimates that 979 Philadelphians found jobs directly as a result of the resources provided by the Library in FY10. (p.5)

Economic value of workforce development

The economic value of the Library services that help Philadelphians locate job opportunities and develop career skills totals $6 million for FY10, comprised of:$2.2 million in career development book-reading & lending$2.1 million in job-finding online activities, including workforce database usage and online job searching/prep$1.7 million job-readiness and workforce-related programming(p.5)

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