Vivian Wang

In what ways do public libraries influence surrounding house prices and business development?

Started Sept. 9, 2023

Abstract or project description

Public libraries have long been considered as the vital hubs of communal knowledge, serving as essential institutions that foster social culture development and promoting educational literacy. This paper delves into the intricate relationship between public libraries and its economic influence on surrounding urban environment, focusing specifically on two aspects: the property value and local business development. To conduct this research, a comprehensive dataset of public libraries from the Internet is examined carefully, encompassing diverse metropolitan areas in China, especially ShenZhen. The research yields several powerful insights. Firstly, there is a positive correlation between property values and their proximity to public libraries. As every unit increase in proximity to libraries, there is a corresponding increase in property values. This finding highlights the concept that the presence of libraries enhances the overall attractiveness and demand for surrounding houses. In addition, a positive correlation is found between the proximity to libraries and extent of business development. In areas close to well-established libraries, there is a larger number of new businesses and a wider range of services provided, such as commercial malls. Libraries seem to bring vibrancy to commercial development, contributing to increase in community engagement and business revenues. These findings play an important role in demonstrating the economic importance of libraries and their potential substantial returns, enabling a more well-rounded understanding of public libraries, that they not only act as catalyst for culture development, but also contributes to prosperity of surrounding communities.