Economic Value of Libraries

In recent years there have been a number of efforts to calculate/demonstrate the economic value of libraries.  Many of these focus on the return on investment in public library services - for example the economic benefit of a one time investment in library materials vs the cost if people had to individually buy the books and other materials that the library provides for free; the value of literacy and job search services; what people would have to pay for the kinds of special programs and events that libraries offer for free, etc.  SOme studies also look at the role libraries can play in economic development for example by providing enhanced services to the business community.  A good overview of the research can be found in  OCLC's study "Public Libraries: Return on Investment" - http://www.oclc.org/roi/

A less "academic" approach  is exemplified by this calculator from the Maine State Library - http://www.maine.gov/msl/services/calculator.htm  We are working to adapt this concept for the PVLD website, and I often use a similar type of analysis to talk to community groups about the value the PVLD delivers to our community.  For example - if people had to purchase the over 600,000 items that we circulate each year at an average cost of $25/item it would cost a total of $18million or three times our total annual operating budget.

Something that is less well analyzed, although I have heard plenty of anecdotal discussion, is the percieved beneficial impact of libraries on surrounding businesses.  This article from the Medford, Oregon Mail Tribune describes the impact of the closure of the Medford branch of the Jackson County Library on local businesses.  For those who don't know, Jackson County Oregon, recently closed all branches of the County library system in response to the budgetary impact to the county of the loss of a substantial amount of federal funding.  The closure was described by some as a calculated bet, as shortly thereafter there was county-wide ballot measure for a tax to restore funding for library services and many believed that the community would see the value of libraries and support the measure.   This belief proved to be wrong, the ballot measure failed, and the libraries remain closed.

This article describes how local businesses veiw the closure of the library and its impact on their businesses -  http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20070729/NEWS/707290315/-1/LIFE

While the library closure is not seen as a good thing, it is also not seen as the disaster that library promoters would have predicted.  Food for thought.....