General Economic Impact | Page 2

Value of Adult Public Library Programs

Adult Programs - According to Bibliostat, total attendees in these programs in Minnesota in 2010 was 320,558. Multiplied by the resulting per attendee value ($6.48), we get the total value of the adult programs which is $2,077,216.

Reference:

Minnesota Public Libraries' Return on Investment

Value of Young Adult Public Library Programs

Young Adult Programs - According to Bibliostat, total attendees in these programs in Minnesota in 2010 was 75,633. Multiplied by the resulting per attendee value ($4.32), we get the total value of the young adult programs which is $326,735.

Reference:

Minnesota Public Libraries' Return on Investment

Value of Children's Public Library Programs

Children’s Programs - According to Bibliostat, total attendees in these programs in Minnesota in 2010 was 878,248. Multiplied by the resulting per attendee value ($4.32), we get the total value of the children’s programs which is $3,794,031.

Reference:

Minnesota Public Libraries' Return on Investment

Concept of return on taxpayer investment can assist libraries

it has been noted that the concept of return on taxpayer investment can assist libraries in demonstrating the benefits of private-public financial partnerships, such as private-sector gift or grant programs to leverage library services beyond those paid for by taxes.

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Minnesota Public Libraries' Return on Investment

Minnesota Public Libraries' ROI

ROI is estimated at $4.62 for every taxpayer $1 generated in support of Minnesota's public libraries.

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Minnesota Public Libraries' Return on Investment

Libraries generate tax revenue

Public library economic activity also contributes to the generation of tax revenues. In 2006, the economic activity of public libraries in Wisconsin generated state income, sales, and property tax revenues of almost $23.9 million (p. 22).

Reference:

The Economic Contribution of Wisconsin Public Libraries to the Economy of Wisconsin

Direct and indirect economic benefits of public libraries

An economic analysis model on the circular flow of economic activity involving libraries looks at indirect demand and measures economic spin-offs. Taking into account both direct and indirect impacts, in 1993/1994 Ontario public libraries contributed $486 million to the GDP. The direct and indirect impact in terms of jobs reached more than 9.000 in 1993/1994. Government direct and indirect revenues generated by public library activity in Ontario, calculated from direct and indirect taxes, duties, and from the sale of cultural goods and services are estimated to generate almost $38 million in revenue to various levels of government (22).

Reference:

The economic and job creation benefits of Ontario public libraries

Public Libraries ROI

for every dollar of direct spending on operations payroll, libraries generate $0.53 in additional spending in the economy of Minnesota. In the same way, for every dollar of direct spending on operations services, libraries generate $0.74 in additional spending in Minnesota's economy

Reference:

Minnesota Public Libraries' Return on Investment

Public Library of MN add to the state economy

The public libraries of MN on the state economyCapital Expenditures: The impact of payroll associated with public library capital expenditures delivers an impact of more than $35.5 million dollars to the State. Operations: The impact of payroll associated with public library operations delivers an impact of more than $260.8 million dollars to the State.Capital Expenditures: The impact of sales associated with public library capital expenditures delivers an impact of more than $65.3 million dollars to the State. Operations: The impact of sales [services] associated with public library operations delivers an impact of more than $366.4 million dollars to the State.

Reference:

Minnesota Public Libraries' Return on Investment

Public libraries can help high schools prepare students for college or 21st century careers

Public libraries can help high schools prepare students for college or 21st century careers. High schools are struggling to provide the skills that students need if they are to achieve success in college and in today’s workplace. In a 2006 poll of over 400 companies, researchers found that “new entrants to the U.S. workforce generally disappoint those who would like to give them their first job. High school-educated workers lack the level of ability employers seek in everything from writing and work ethic to oral communication.” The most important skills cited by employers fall into the area of applied or “soft” skills: professionalism and work ethic, oral and written communications, teamwork and collaboration, and critical thinking and problem solving. These skills are also essential to college success.

Reference:

Are they really ready to work?: Employers' perspectives on the basic knowledge and applied skills of new entrants to the 21st century U.S. workforce

Skill levels of U.S. grads leave employers cold