Reports examining impact of childcare issues in four U.S. states include potential economic growth of $673 million for Mississippi
New Study Reveals Improvements in Early Childhood Education
Could Contribute Millions to Mississippi’s Economy
Reports examining impact of childcare issues in four U.S. states include potential economic growth of $673 million for Mississippi
WASHINGTON, D.C. (February 28, 2020) – The U.S. Chamber of Commerce Foundation today released a report examining the impact of childcare issues on Mississippi’s state economy. The report is part of a broader “Untapped Potential” study of four U.S. states – Idaho, Iowa, Mississippi, and Pennsylvania – that reveals the cost of childcare challenges in each state and provides opportunities to unlock economic potential for states and employers.
The study found that Mississippi loses an estimated $673 million annually for the state’s economy. This number includes an estimated $120 million annual loss in tax revenue as well as an estimated annual loss to Mississippi employers of $553 million on absences and employee turnover as a result of childcare breakdowns.
“Nothing is more critical to Mississippi’s economy than the development of a strong workforce, and this begins with connecting the dots with education,” said Scott Waller, president and CEO of the Mississippi Economic Council. “To fully prepare our future workforce, a focus on quality early childhood education is a vital part of the equation. Ensuring parents have access to quality childcare strengthens today’s workforce and provides a strong educational foundation for developing a job-ready workforce of the future.”
Key study findings include:
- Childcare issues result in an estimated $673 million loss annually for Mississippi’s economy.
- Mississippi loses an estimated $120 million annually in tax revenue due to childcare issues.
- Absences and employee turnover cost Mississippi employers an estimated $553 million per year.
- Over 75% of surveyed parents in Mississippi rely on family members for childcare.
- Nearly 11% of parents had to voluntarily leave a job due to childcare issues.
- More than 40% of parents in Mississippi postponed school or a training program due to childcare issues.
“Each state’s challenges are unique–as are their childcare systems, and the diversity of their employers–so the solutions that tackle these challenges must be unique as well,” said Cheryl Oldham, senior vice president of the U.S. Chamber of Commerce Foundation’s Center for Education and Workforce. “To solve this complex issue, it will take a collaboration of partners, including federal and state investment, support from the business community, philanthropic organizations, and expertise from early education advocates and providers.”
The series of reports was unveiled at the U.S. Chamber of Commerce Foundation’s national Early Ed Summit at the Chamber of Commerce in Washington, D.C. where workforce leaders and early education advocates discussed the economic impact of childcare breakdowns, unique challenges faced by each state, and the role of business in solving this childcare crisis. Waller, along with Dr. Linda H. Southward, executive director of the Children’s Foundation of Mississippi, served as panelists at the summit, discussing the progress that is being made in Mississippi and ways to tap into the potential that exists for future success.
To access the full reports, videos, report methodology, and other resources, visit: https://www.uschamberfoundation.org/UntappedPotential
