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|Florida Chamber Foundation Report Shows Florida’s Economy Loses Nearly $5.4 Billion Annually Due to Childcare Crisis
|“Untapped Potential in FL” report brings light to the impact Florida’s childcare gaps have on early learning, workforce productivity, and Florida’s economy.
|TALLAHASSEE, FL (September 13, 2023) — The Florida Chamber Foundation released a new report examining the impact of childcare challenges on Florida’s economy. This report is part of a national “Untapped Potential” research effort that reveals the cost of childcare challenges and opportunities to unlock economic potential for states, employers, and working parents.
“Increases in costs of housing, food, and daily necessities have changed the landscape of the U.S. economy and, by nature, America’s workforce,” said Florida Chamber Foundation Senior Vice President of Equality of Opportunity Kyle Baltuch. “However, for working parents of young children, there is one issue that exceeds all others in impacting their decision, or ability, to work and contribute to Florida’s economy. That issue is access to high-quality early learning and childcare.”
The study, conducted in partnership with the National Chamber Foundation, found that childcare issues result in an estimated $5.38 billion loss annually for Florida’s economy, including a $911 million annual loss in tax revenue and a $3.47 billion yearly cost due to childcare-related employee turnover and absenteeism.
Childcare gaps drive parents out of the workforce, reduce tax revenue for Florida, and put undue strain on Florida households and businesses.
Key findings from the Untapped Potential in FL report include: Childcare issues result in an estimated $5.38 billion loss annually for Florida’s economy. Florida misses out on $911 million annually in tax revenue due to the childcare crisis. Childcare-related employee turnover and absenteeism costs Florida employers $3.47 billion per year. 48% of parents attending school or work training needed to make a significant adjustment to their schedule due to childcare issues in the past year. 64% of parents of young children missed work or class at least once in the past three months for childcare-related reasons. 15% of parents left a job in the past six months due to childcare issues. To learn more about how barriers to childcare may be impacting your community and Florida’s economy, check out the Untapped Potential in FL report by clicking HERE>.
As we strive to secure the path to prosperity in Florida from cradle to career, we invite you to join our Florida Equality of Opportunity Initiative’s efforts to tackle barriers to opportunity in Florida. Contact Zenani Johnson at email@example.com to find out how you can get involved in your neighborhood.
|About The Florida Chamber Foundation
The Florida Chamber Foundation is a business-led solutions development and research organization working in partnership with state business leaders to make Florida even more competitive and secure Florida’s future. The Foundation’s “Six Pillars” serve as a visioning platform for developing the first-ever, long-term strategic plan for the state. The Foundation’s work focuses on: 1) Talent Supply and Education, 2) Innovation and Economic Development, 3) Infrastructure and Growth Leadership, 4) Business Climate and Competitiveness, 5) Civic and Governance Systems, and 6) Quality of Life and Quality Places. Founded in 1968, the Foundation is a crucial voice for improving the state’s pro-business climate to enable Florida to grow and prosper. Visit www.FLFoundation.org for more information.