Libraries - the platform for local economic growth

Everybody knows that libraries have a powerful impact on learning and literacy, helping people to discover new ideas and extending the long-term value of formal education.

What fewer people realise, though, is that their local public library has a direct impact on the strength of the local economy. Whether through business development, job creation, workforce development, increasing local property values or boosting the attractiveness of an area for inward investment - libraries have a powerful effect on the financial bottom-line.

Research by the American Library Association and the Arts Council England has uncovered compelling evidence both of the direct economic benefit of a strong local library and the wider impact on local communities.

For example, did you know that the local library has a powerful 'halo' effect on local businesses? People regularly travel from a broad catchment to use the library, and when they do so, they tend to spend more at local shops, bars and restaurants. Nor is this restricted to local residents. The emergence of beautiful new libraries like the Manchester Central Library has led to the advent of 'library tourism' - people visiting the library as a cultural destination. 

In some places, property developers have reported that they are able to charge more per square-foot for developments that are in good proximity to a local library. People want to live near a library - particularly an atractive, modern, well-furnished library offering a wide range of services - and are willing to pay a premium to do so.

The benefits don't stop at local businesses, though. Libraries are increasingly providing support for the micro-enterprises and start-up businesses that will become the industrial powerhouses of the future. The British Library's Business & IP Centres scheme has been a runaway success, with new centres springing up across the country. Strikingly, a significantly higher proportion of new businesses offered start-up support in one of the BIP Centres survive beyond the 4th year of trading than those that don't.

Equally important is the impact that libraries have on the skills and employability of the local population. All companies depend on access to literate, skilled people to succeed. By supporting their local library service through business rates and direct support, they can contribute to the development of the workforce they will need in the future. This is particularly the case as the UK economy comes to depend more and more on 'advanced-skills' and 'knowledge-intensive' businesses such as the creative industries and advanced manufacturing, where early exposure to information skills is critical.

Since libraries began to diversify their offer in the mid-90's, they have become a vital platform for digital skills in their communities. All now offer free, high-quality Internet access through wifi and many are providing workspace, expert support and business information to support local entrepreneurs.

One vital tool that small businesses can access for free through the library is COBRA - the specialist information resource that provides market insight and guidance on more than 600 trades and professions as well as information on more than 3,000 sources of funding. Librarians are trained to help people find the information they need - try asking your librarian for information about your specific market or sector, or for their advice on where to find the latest data. Chances are they'll only be too happy to help!

In an age where more and more people are looking to work flexibly, libraries can often be a lifeline, offering space to work, information resources and support and advice on things like trademarking and protecting your copyright. Many now offer bookable meeting spaces, 'pods' to work in peace and quiet and easy access to essentials like wifi, electricity and even coffee!

As our communities and local economies change, libraries are changing to support them. So if you're interested to find out more about what your library does to support your local economy, what can you do? Well, the best place to start is - in the library! Pay them a visit, chat to the staff, have a look at their website. If you find the library's services helpful, tell other people about them! We depend on word-of-mouth to ensure that people understand all of the brilliant ways in which a library can make a difference for them.  

Your local library really is the platform for growth in your local community. Visit yours today to find out what they can do for you!