Martin Prosperity Institute to develop study that examines Toronto Public Library’s economic impact on the city
June 19, 2013
TORONTO, ON – Toronto Public Library has commissioned the Martin Prosperity Institute at the Rotman School of Management at the University of Toronto, to develop a study that will determine the economic impact of Toronto Public Library on the City of Toronto. The study is being funded by the Toronto Public Library Foundation thanks to a generous donation from TD Bank Group and a contribution from the Estate of Norman G. Hinton.
“We are thrilled to be working with Toronto Public Library to develop this important study, a first in Canada, which will demonstrate the economic importance of the Toronto Public Library system to our city,” said Kevin Stolarick, MPI Research Director. Through the use of empirical and qualitative evidence, the measurements and models we develop will be key in measuring impact over the long term, and will also be a useful tool for public library systems across Canada”.
The Toronto Public Library Board requested this study that will measure in concrete terms the return on investment for public library service and the value provided to Toronto residents.
“We hear time and time again that libraries profoundly impact individual lives, neighbourhoods and the whole community. We’re now interested in examining the economic impact of Toronto Public Library on our city. The study will include a cost-benefit analysis of offering open hours in neighbourhoods throughout Toronto,” said Paul Ainslie, Chair of the Toronto Public Library Board. “It is particularly important to demonstrate value to residents in this time of fiscal restraint. We’re pleased that the Library is working with Martin Prosperity Institute on this significant study.”
The study will be conducted over the summer and be presented to the Toronto Public Library Board in the fall. It is one of the key activities listed in the Library’s Strategic Plan- 2012-2015.
The Lloyd & Delphine Martin Prosperity Institute is the world’s leading think-tank on the role of sub-national factors – location, place and city-regions – in global economic prosperity. It takes an integrated view of prosperity, looking beyond economic measures to include the importance of quality of place and the development of people’s creative potential.
Toronto Public Library is one of the world’s busiest urban public library systems. Every year, 19 million people visit our branches in neighbourhoods across the city and borrow 32 million items. To learn more about Toronto Public Library, visit our website at torontopubliclibrary.ca or call Answerline at 416-393-7131. To get the most current updates on what’s happening at the library, follow us on Twitter @torontolibrary.
The Rotman School of Management at the University of Toronto is redesigning business education for the 21st century with a curriculum based on Integrative Thinking. Located in the world’s most diverse city, the Rotman School fosters a new way to think that enables the design of creative business solutions. The School is currently raising $200 million to ensure Canada has the world-class business school it deserves. For more information, visit www.rotman.utoronto.ca.
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