The Florida Chamber Foundation released a new report on Wednesday examining the impact of childcare challenges on Florida’s economy.
The report is part of a national “Untapped Potential in FL” 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 percent 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 percent of parents of young children missed work or class at least once in the past three months for childcare-related reasons.
15 percent of parents left a job in the past six months due to childcare issues.
The report can be read here.
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