At The Chamber of Catawba County, we are committed to supporting policies that promote the availability and affordability of childcare for the current workforce and high-quality early learning for the future workforce. Recently, the U.S. Chamber Foundation, NC Chamber Foundation, and NC Child released a report highlighting the devastating impact of the child care crisis on our state’s economy and workforce.
The study, which surveyed 517 North Carolina parents with children under the age of six, revealed the significant financial impact of insufficient child care coverage on our state’s economy. By analyzing the survey results, researchers were able to model an estimate of the direct financial impact of inadequate child care availability on North Carolina’s economy.
Economic Impact
The report estimates that insufficient child care availability is costing North Carolina a staggering $5.65 billion in lost economic activity each year. This is not just a problem for families, but also for businesses and the state’s economy as a whole. The report found that childcare-related employee turnover and absenteeism costs North Carolina employers an estimated $4.29 billion per year, while the state misses an estimated $1.36 billion annually in tax revenue.
We recognize the critical role that child care plays in supporting working families and the state’s economy. That’s why we are committed to supporting policies that promote the availability and affordability of childcare. We believe that investing in high-quality, affordable child care is essential for filling job vacancies and driving economic growth in our community.
Action needed
As we look to collaborative solutions, we urge policymakers to prioritize and support initiatives that expand the availability of affordable and high-quality child care. This includes providing incentives for businesses that offer childcare benefits to their employees, as well as funding programs aimed at creative solutions to improve child care access throughout the state.
We also recognize the critical role that the business community can play in addressing the childcare crisis by providing supportive policies and benefits to help employees balance work and family responsibilities. With both the public and private sectors joining together, we can create a more sustainable and competitive workforce, support working families, and drive economic growth in Catawba County. You can view the full report here.
