So Much More: The Economic Impact of the Toronto Public Library System on the City of Toronto
The Toronto Public Library services deliver a strong return on investment, enhancing Toronto’s overall quality of life.
Stolarick, Kevin and Silk, Kimberley. (2013). So Much More: The Economic Impact of the Toronto Public Library System on the City of Toronto. Toronto, Ontario: Martin Prosperity Institute, Joseph L. Rotman School of Management, University of Toronto.
This study measures the return on investment for public library service and the value provided to Toronto residents. It also includes analysis of some Toronto Public Library programs and services that make a difference to the city, going beyond the numbers. These services are not easily quantifiable, but create significant value for residents, including opportunities to improve literacy skills, engage in lifelong learning and enhance educational and employment opportunities. These outcomes deliver a lifetime of value to residents and increase the economic competitiveness and prosperity of Toronto.
The study methodology quantified the total economic impact and return on investment of Toronto Public Library services based on analysis of direct tangible benefits, direct spending and indirect tangible benefits.
Key findings include:
- The total economic impact of the Toronto Public Library on the city of Toronto is $1 billion.
- For every dollar invested in Toronto Public Library, Torontonians receive $5.63 of value.
- For those who use the library, the average value of services accessed is as much as $500.
- On average, one open hour at any one of the library's 98 branches generates $2,515 in benefits for the city of Toronto. The average cost of one open hour is $653, so the average benefit is almost 4 times the average cost.
- Beyond tangible benefits outlined in the report, the library delivers value to Toronto's communities and residents in ways that are not easily quantifiable but nonetheless support Toronto's economy, increase its competitiveness and prosperity and contribute to the city's livability and quality of life.