The role our Chicago Public Library plays as a community hub for learning and human connection across every neighborhood is indelible. Its importance as a civic institution that preserves our democracy by upholding the promise that knowledge belongs to everyone has never been more necessary. But the library plays a third role, less discussed but just as consequential to the growth of the city we call home: It is an engine of economic opportunity.
A recent study performed in partnership with McKinsey & Co. found that the library generated an annual $440 million in economic impact against a total annual operating budget of $145 million. This means that for every $1 invested in our library, it returns $3 to the people of Chicago.These findings confirm what the Chicago Public Library Foundation and all our donors, funders and partners have believed over the last 40 years: Investing in our public library is one of the smartest and most forward-looking investments we can make in our city and for every Chicagoan.
But the multifold return on investment is only the opening. The study also estimates the value of services the Chicago Public Library provides to be at $165 million: checking out materials, high-speed Wi-Fi connection, community spaces, study areas and meeting rooms, hundreds of thousands of programs hosted at the library for Chicagoans of all ages, and online tools and resources that are free for everyone to use.
That value is not concentrated in select areas. It is spread across 82 branches, which contributed an average of more than $4.2 million. The tremendous economic impact is not only felt around the Harold Washington Library Center but in the communities around every branch. They deliver impact where it matters most: to the neighborhoods. In addition, each does so differently, because every library responds to what its patrons need. The library does not simply create economic value; it delivers it equitably.
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For the first time, this economic impact study quantified the Chicago Public Library’s economic contributions to the city and its residents. But these numbers also represent a more poignant truth. The library is an essential part of Chicago’s civic infrastructure. It transforms lives in many ways — from helping students succeed in and out of school, to supporting Chicagoans in entering and advancing in the workforce, to addressing the information literacy crisis, and to providing free, lifelong learning resources seven days a week.
As Chicago deals with seismic cultural, economic and technological shifts, all 82 library branches will play an even bigger role as anchors for our communities. Already, earlier this year, the 81 Club initiative put a library card in the hands of every Chicago Public Schools student. The library continues to be the largest provider of free Wi-Fi in the city and is now preparing to ensure Chicagoans are literate about artificial intelligence as we enter a new phase of the digital future. And with the opening of the Obama Presidential Center branch, the library continues to foster human creativity and connection.
While this study quantified the library’s economic footprint, it is crucial to acknowledge that the holistic benefits of the Chicago Public Library are immeasurable. Chicagoans holding their head up a little higher because they learned something new, teens who have a safe space where they can make themselves possible, the lifetime effect of possessing a library card, the moments of connection and care — these defy simple calculation.
We need to keep these positive economic data points in mind as we discuss the 2027 city budget. A dollar invested in our library system has a multifold positive economic impact. Fewer dollars invested will have a negative economic impact across each of our 77 neighborhoods.
Ultimately, the data serves as proof that when we invest in our library, we invest in the social and economic vitality of Chicago today and for future generations.
Michael Fassnacht is board chair for the Chicago Public Library Foundation. Eva Giglio is the president and CEO.
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