How Public Libraries Drive Economic Vitality in Surrounding Communities

Abstract

With the rapid evolution of contemporary society, libraries have undergone substantial expansion, moving beyond their traditional cultural roles and uses. Besides the prominent trend of commercialization–such as book sales–meeting room rentals, and partnerships with local companies, libraries exert often over-looked but remarkable effects on surrounding economic activities. With the goal of transcending the conventional role of libraries, this paper investigates the extent of libraries’ impact on their surrounding property value and commercial developments. To conduct this research, a thorough analysis of datasets sourced from public libraries’ websites has been undertaken. Additionally, original data on housing prices and distances has been meticulously collected through various software applications. The research hypothesizes a negative correlation between distance to libraries and house prices, as well as malls’ revenue and number of restaurants. Additionally, an alternative hypothesis proposes that proximity to malls might positively impact library visitor flow rates.Through analysis of multiple datasets, consistent negative correlations are identified among malls’ revenue, home prices, number of restaurants, and their distance from libraries. Moreover, a positive correlation is observed between the number of visitors at five different libraries and the quantity of malls within a five kilometer radius.  In conclusion, the evidence demonstrates that public libraries have a positive impact on local economic development. Thus, this research suggests broader implications for understanding the economic impacts of libraries, allowing in-depth exploration in this aspect in future studies.