Monday, December 11, 2006
Economic Benefit Study Released November 29, 2006
A new study released November 29, 2006 shows that nine public library systems in Butler, Clermont, Hamilton, and Warren counties in Southwest Ohio create an annual economic impact of nearly four times the amount invested in their operations. While this report covers Ohio libraries, much of the resulting information and analysis can be replicated for Texas libraries to determine economic value. The report from Levin, Driscoll & Fleeter in Columbus concludes that, using a conservative measure of value the libraries' cumulative expenditure of about $74 million returned a quantifiable direct economic benefit of $238.6 million, or $3.81 for each dollar expended in 2005. The study also recognizes that these libraries add significant value to their users and communities that cannot be assigned a dollar value including, "improved economic prospects and an enhanced quality of life."