by Linda Rosen Studies report local economic benefits of up to $7 for every dollar spent on library services. The benefits include extra purchases associated with trips to libraries, the economic renewal of locales adjacent to new libraries plus the fact that a quality library, among other amenities, attracts new settlers to a community. Is $7 too optimistic? Then consider what even a $2-return could mean.
We’ll spend around $900,000 to operate Powell River Public Library in 2014. What if we continued that rate of spending in the future and for every dollar we spent we created only $2 in economic benefits? In just over 10 years we’ll generate enough economic benefits in Powell River to offset the entire cost of construction of a new $9.5-million library. The best news, however, is that we plan to build this new library with only $3.5 million in local tax funding, so local taxpayers will get their investment back way sooner.
Not interested in this kind of long view? Perhaps you should be. Powell River didn’t reach hard times overnight and likely won’t return to good times overnight. The library board believes it’s time to reap these kinds of economic benefits by investing in a new library now. Contact [email protected].
Linda Rosen is a Powell River Public Library Board trustee.
