Economic Analysis of Warren County Imagination Library
The University of Cincinnati’s Economics Center conducted a cost-benefit analysis of the Warren County Imagination Library. The analysis utilized costs assumed by the Warren County Imagination Library program illustrating the lifetime economic impact of the program for the community.
The analysis indicated substantial benefits to its participants and community through the book gifting program, including an additional 1,065 students performing as “demonstrating readiness” on the Kindergarten Readiness Assessment after participating in the Warren County Imagination Library. This increase also shows positive correlations with more participants passing the Grade 3 English Language Arts assessment, as well as a higher graduation rate throughout the county.
The analysis also shows a positive correlation among participants going on to receive higher education, as well as a higher annual income.
For every $1.00 invested in the Warren County Imagination Library, the program is estimated to generate an additional $1.61 in net annual economic and societal benefits, or a total of $2.61 annually. In total, the benefits of participating in the Warren County Imagination Library translate to a total annual benefit of more than $1.5 million for the county.