Ungated Post | 15 May 2020
Value Study of Galleries, Libraries, Archives and Museums (GLAMs) in Canada
This study provides an assessment of the value of GLAMs using cost-benefit analysis (CBA) within an economic welfare framework. It takes a Total Economic Value (TEV) approach, which measures the economic benefits accruing not just to direct beneficiaries such as GLAMs visitors, but to “non-users”—people who value GLAMs’ existence even if they have not recently visited one.
Combining all value components, we were able to quantify as benefits, the total gross value of GLAMs to Canada is $11.7 billion a year (in 2019 prices). This estimated benefit was derived from annual costs (the operational expenditure needed to run GLAMs) of $3.0 billion. Dividing the $11.7 billion in benefits by the $3.0 billion of costs gives a benefit-cost ratio (BCR) of 3.9. This means that for every dollar invested in non-profit GLAMs, society gets nearly four dollars in return. GLAMs perform very favourably when compared to other major social investments, such as transportation infrastructure.
It is also useful to highlight the net benefits of GLAMs; some prefer this approach as it indicates how much better off society is in aggregate. We estimate that society gains $8.6 billion from GLAMs’ existence every year.
Read the report in English
Read the report in French
Our economic consulting team are world leaders in quantitative economic analysis, working with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques. Lead consultants on this project were:
Oxford Economics’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues.
To find out more about our capabilities, contact:
EMEA
Sam Moore
+44 (0)207 803 1415
Email
Americas
Hamilton Galloway
+1 (646) 503 3068
Email
Asia
Christie Tang
+852 3974 8841
Email
Related Services
Post
Status deutscher Mode
The latest report from Oxford Economics and the Fashion Council Germany analyses the economic impact of the fashion industry on the German economy in 2023, looking at key aspects such as employment, GDP contributions and tax revenues generated.
Find Out More
Post
State of German Fashion
The latest report from Oxford Economics and the Fashion Council Germany analyses the economic impact of the fashion industry on the German economy in 2023, looking at key aspects such as employment, GDP contributions and tax revenues generated.
Find Out More
Post
The future economic impact of South African Airways
Discover South African Airways' growing impact on South Africa's economy, with contributions to GDP, job creation, and government revenue projected to rise significantly by 2029/30.
Find Out More