A new report from the Florida Chamber Foundation shows the state is losing nearly $5.4 billion annually from challenges associated with accessing child care.
The report, part of a national "Untapped Potential in FL" research effort with the National Chamber Foundation, shows child care issues account for $911 million in annual tax revenue losses and $3.47 billion in annual losses related to employee turnover and absenteeism.
"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 child care."
The report found child care gaps drive parents out of the workforce, reduce tax revenue and put undue strain on households and businesses.
Other findings from the report include:
— 48% of parents attending school or work training needed to make a significant adjustment to their schedule due to child care issues in the past year.
— 64% of parents of young children missed work or class at least once in the past three months for child care-related reasons.
— 15% of parents left a job in the past six months due to child care issues.
The Florida Chamber Foundation is a business-led solutions development and research organization that works with state business leaders to make Florida competitive and secure the state's future. Its six pillars include talent supply and education; innovation and economic development; infrastructure and growth leadership; business climate and competitiveness; civic and governance systems; and quality of life and quality places.
The foundation also runs the Florida Equality of Opportunity, an effort to tackle barriers in Florida and promote economic prosperity.
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