Public libraries are critical cultural and social infrastructure for the communities they serve, and new findings released from the Valuing Ontario Libraries Toolkit show that every $1 invested in the Huron County Library generates $4.66 in Social Return on Investment (SROI).
SROI takes something offered at no charge and applies a dollar value to it. Impacts include direct spending, direct benefits and indirect benefits.
Developed in collaboration with the NORDIK Institute and the Ontario Library Service, the toolkit was developed to help Ontario libraries measure their value and impact within their communities. The toolkit specifically measured the SROI of library services on seven different domains: education, culture, inclusion and well-being, entertainment and leisure, economic development, civic engagement, and space.
Libraries are integral for building personal entrepreneurial, and social capacity through access to information, programs and opportunities for community engagement. As a result, the overall economic benefit the Huron County Library has to the local community totals $17,555,981. This number translates to an overall economic benefit of $596 per household or $286 per resident. For every hour the library’s 12 branches are open to the public, the economic benefit is $413.
Specific impacts for the different domains are:
- Education: $1,360,502
- Culture: $346,459
- Inclusion and Well-being: $529,672
- Entertainment and Leisure: $10,003,283
- Economic Development: $3,373,143
- Civic Engagement: $26,916
- Space: $1,916,003
“The results demonstrate the significant impact the library has in our communities and supports the library’s continued work to bring people, information and ideas together to enrich lives and support a thriving community,” said County Librarian and Director of Cultural Services Beth Rumble.
To learn more, an infographic has been created to outline results.