Report | March 20, 2020

Want to Grow New York’s Economy? Fix the Child Care Crisis

Impact of child care challenges felt by families, employers, and taxpayers.

Working parents in New York, particularly those with infants and toddlers, know how difficult it is to find child care that’s accessible, affordable, and high-quality. Meanwhile, our state’s employers understand the economic impact of these child care challenges.

A national study by ReadyNation examining the economic impacts of the nation’s child care crisis on working parents, employers, and taxpayers describes the consequences: an annual cost of $57 billion in lost earnings, productivity, and revenue.

New York’s gross domestic product and population represent roughly six and eight percent, respectively, of the nation’s total population and gross domestic product, suggesting that the lack of reliable child care for young children up to age three could cost $4.56 billion annually in the Empire State.

The business leader members of ReadyNation in New York are calling on lawmakers to protect and expand programs that enhance the affordability and availability of quality child care – and to foster continuing innovations at the state and local levels that address this problem for parents and employers.

Evidence-based, sufficiently-funded policy initiatives to fix the child care crisis will improve life outcomes for New York children today and will support a more productive workforce and economy for our state, both now and in the years to come.

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