Why Libraries Are An Economic Lifeline For Millions Of Americans via Market Watch

Why Libraries Are An Economic Lifeline For Millions Of Americans

Market Watch: 7.25.2018 by Jacob Passy

Ron Baron’s local library was a critical lifeline when he was unemployed.

The 20-year-old resident of Grand Junction, Colo., often found himself hanging out at the library when he was jobless. “It’s one of the only places I could go to without the expectation of spending money,” Baron said.

But the library was more than just a place to relax indoors. Baron also used resources at his library to apply for a job. And when he found out that the job he initially wanted was already filled, library staff helped connect him with a workforce center that helps unemployed individuals find jobs free of charge. “I would have never learned about it otherwise,” he said.

Thanks to that recommendation, Baron now works in housekeeping at a hotel. When he’s not working, he reads books — from his local library — about computer programming in preparation for coursework he plans to complete at the local community college.

Baron is just one of the millions of people nationwide who benefit extensively from the resources libraries provide.

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Here are some of the many ways that libraries improve the communities they are located in:

Researchers in Zimbabwe found that the promotion of public library services in the southern African country helped to improve literacy among children and adults, leading to Zimbabwe having one of the highest literacy rates in Africa. Being illiterate has significant financial ramifications—experts have estimated that illiteracy costs the global economy $1.2 trillion each year.

Other studies have shown how having more books in the home will improve a young child’s educational attainment later in life; for low-income families, libraries help to reduce the financial burden of stocking a home library.

Ninety-six percent of libraries have job and employment resources, and it is estimated that roughly 30 million people use those resources in their career search each year.

Utilizing the free resources from libraries —everything from checking out magazines to borrowing power tools to getting free museum passes—can save households hundreds of dollars a year.

Nearly one in four Americans have visited a library to use the computer or access the internet. These people are more likely to be minorities or low-income.

Programming at public libraries, such as classes on nutrition, can help improve people’s health.

The return on investment for a public library varies, but research has generally shown that the money goes to good use. The median ROI for public libraries in Colorado was $4.99, meaning that the public value created by libraries was nearly five times greater than the tax money spent on them, per a study conducted by the Library Research Service. In some parts of the state, the ROI exceeded $30.  READ MORE >>