The Library Vault

By Ramona Burkey

Over the past ten years, the S&P 500 has achieved an average annual rate of return of just over 12%. Not too bad. Now imagine an investment that produced a return of 400%. That would be absolutely incredible.

Since you’re reading this blog, you’re probably already familiar with this particular investment. I’m talking, of course, about the public library.

What does this mean to you? Well, multiple studies by business organizations across the country have shown that the average return on every dollar invested in public libraries is between $4 and $5. This return on investment comes back to the community in the form of local job creation, enhanced workforce and small business development, increased traffic to businesses near public libraries, the value of shared library collections and services, and much more.

Right here in Connecticut, an April 2022 study by Goman+York concluded that more than one-third of the people who visited the Manchester Public Library also stopped at downtown Manchester businesses. Overall, the study concluded that the Manchester Public Library provides more than $8.8 million in value to their community compared to its $3.2 million annual budget.

The Russell Library contributes similarly to a thriving local economic ecosystem: this fiscal year, we are on track to welcome around 175,000 visitors through our doors. If just one-third of those guests also stop at just one downtown business, that’s more than 58,000 visits to our local restaurants, coffee shops, bookstore, toy store, salons, and more. That’s several million dollars in local revenue as a result of traffic generated by the library.

Another important economic impact of public libraries is the value of shared collections and services. As we all face the effects of high inflation, the Russell Library bridges budget gaps by lending materials and providing events and programs for free. We don’t even charge late fees anymore (but, ahem, you still need to bring your items back if you want to be able to check out more).

I estimate that the combined value of the usage of our collection, programs and services alone is at least $5.5 million annually. Those “found” dollars can also go directly into our local economic ecosystem.

Finally, there is the community and social value of the public library. For instance, the World Health Organization has declared that loneliness can be as bad for one’s health as smoking 15 cigarettes per day. By bringing tens of thousands of people together yearly, the library serves as an “anti-loneliness engine” for folks of all ages. Having worked in public libraries for more than thirty years, I can’t tell you how many times I’ve heard people say something along the lines of “If I didn’t go to the library, I wouldn’t talk to anyone all day.”

By providing a safe, healthy and welcoming environment for all, libraries can literally serve as a lifeline, now more than ever during these challenging social and economic times.

A sound investment for sure!