The Pennsylvania economy loses an estimated $3.47 billion annually because of childcare breakdowns, including an estimated $591 million in tax revenue, and $2.88 billion in work absences and employee turnover, according to a recent study.
The report, by the U.S. Chamber of Commerce Foundation, also found that four in 10 parents postponed school or a training program due to childcare issues, and at least 55 percent of parents reported missing work due to childcare issues in the past three months.
“The lack of affordable, quality childcare is a critical component of the workforce issues plaguing Pennsylvania and states across the country,” Gene Barr, Pennsylvania Chamber of Business and Industry president and CEO, said. “This issue has acted as a barrier for many people to enter the workforce – leaving an entire segment of the population that is ready and able to work, out of career paths that pay family-sustaining incomes.”
The report was part of the foundation’s Untapped Potential study highlighting four states: Pennsylvania, Idaho, Iowa, and Mississippi. The study outlined the cost of childcare in each state and provided economic challenges and opportunities.
The reports were released at the foundation’s recent national Early Ed Summit at the Chamber of Commerce in Washington, D.C.