Economy & Business
Child care is an integral pillar to supporting a thriving economy, with 27 million Americans relying on it to work. The national shortage of affordable child care programs is doing significant harm to family finances, businesses’ bottom lines, and the U.S. economy broadly.
Here are five things to know about child care and our economy.
- The United States economy loses an estimated $122 billion a year due to child care challenges.
- On average, businesses lose $1,640 a year for each working parent due to lost revenue and hiring costs because of insufficient child care, totaling $23 billion annually.
- 77% of small business leaders say access to high-quality, affordable child care is essential or important to strengthening the economy and helping workers.
- Investments in high-quality child care and early learning programs can generate up to $7.30 per every dollar invested.
- The availability of early childhood education programs attracts homebuyers and increases property values by $13 for every dollar invested in programs.
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Posts
At White House, Sec. Becerra Talks Importance of Child Care in BBB, Hosts Parents and Children
On Tuesday, HHS Secretary Xavier Becerra hosted parents and their children at the White House to discuss the challenges of finding quality, affordable child care. In his remarks, Sec. Becerra reinforced the …
The Child Care Crisis: Why the Status Quo is Failing Families, Early Educators, and our Economy
Now is the time to support children and families by ensuring affordable, quality early care and education options. Finding and affording quality child care and early learning options shouldn’t be …
Governors Highlight Child Care As Key To Helping States Recover And Grow
For years, Democratic and Republican governors alike have prioritized early learning and care as a smart investment for their states. It’s no surprise, then, that as America faces an ever-worsening child care …
First Lady Jill Biden Highlights Importance of Child Care & Pre-K for Families, Economy
Today, Dr. Jill Biden visited a child development center at the University of Minnesota where she delivered remarks about the success of federal pandemic relief funding in stabilizing America’s child …
Child Care Employment 12.4% Below Pre-Pandemic Levels
Despite January’s strong jobs growth, child care employment remains 12.4% below pre-pandemic levels. Unlike other industries, the child care sector was experiencing difficulties with hiring and retaining workers long before …
High-Quality Early Learning & Care: Understanding the Proven Benefits & Need for Investment
Economic development starts with early childhood development—and the best investments ensure all children who need it have access to high-quality early learning and care opportunities. Evidence shows that increased access …
President Leads with Child Care & Pre-K in Meeting with Major CEOs
With many of our nation’s child care providers trying to survive on poverty-level salaries, a new analysis has found that 31.2% of a million child care workers – 1 out of every …
Examining the Significant Return on Investment from High-Quality Early Learning & Care
The Senate is currently considering the Build Back Better Act, which includes historic federal investments that would create monumental impacts for young children and their families by expanding high-quality, affordable …
Child Care and Pre-K are Strategic Economic Investments: Impact on Public Safety
The child care and preschool policies proposed in the Build Back Better Act have long-lasting, multi-generational economic benefits. This blog, which focuses on how investments in child care and preschool …
New Economic Snapshot Cites Lack of Access to Child Care as Major Barrier to Well Being
Global management consulting firm McKinsey & Co’s latest American Opportunity Survey has identified lack of access to child care as a major barrier to mental and economic well being for American families. …
The Child Care Sector is Losing Workers Because the Current System is Broken
Child care professionals are continuing to leave the sector in record numbers. According to the November jobs report, the child care workforce is down more than 10% over pre-pandemic numbers, …
