Presentation on theme: "SMALL CHILDREN ARE BIG BUSINESS FOR FLORIDAS ECONOMY 2003: The Economic Impact of Child Care in Florida."— Presentation transcript:
SMALL CHILDREN ARE BIG BUSINESS FOR FLORIDAS ECONOMY 2003: The Economic Impact of Child Care in Florida
MGT of America, Inc., a national management research and consulting firm, completed the study. The economic impact of Floridas child care industry is measured by: 1. Direct effects: the revenue generated by existing jobs within the child care industry; 2. Indirect effects: revenue and purchases generated by related industries and jobs created as a result 3. Induced effects: purchases made and jobs created from spending by both the child care industry and related industry employees
How does child care impact Floridas economy ?
Child care… Enables parents to work and earn money to support their families. –In 2000, Floridas working families with children younger than age six earned $5.6 billion. –Researchers found that when working parents feel confident that their child is receiving optimal care, the businesses they work for experience less absenteeism and turnover, increased productivity, improved work quality, and better employee morale.
The child care industry is vital to Floridas economy. Policy makers and business leaders must shift the business of caring for children from a social, private policy to a broad, public responsibility that greatly impacts Floridas infrastructure. Phyllis Kalifeh President Florida Children's Forum
The Child Care Industry… –Generates $3.87 billion in total revenue to industries. –Employs 46,561 child care providers and related employees. –Supports 626,483 children in Florida.
Child Care… Generates ripple effects in Floridas economy by: –Creating economic momentum –Generating jobs –Producing revenue at the state and local level
The Ripple Effect… Stimulates related industries by the sale of childrens games, toys, and dolls, as well as, cleaning materials and book publishing; creates more than 67,000 statewide jobs; and produces $138 million in tax revenue.
– $27 million on cleaning materials, sanitary paper, and plastic products. – $23 million in books and magazines. The child care industry purchases:
High quality child care is critical to Florida's economic competitiveness. Frank Ryll President Florida Chamber of Commerce
The child care industry makes waves… –For every $1 million dollars generated by Floridas child care industry, approximately 22 jobs are created within the child care industry and 32 jobs in the overall economy. –For every $1 million in child care revenue, $863,000 of additional revenue is generated in the regional economy.
Why are these findings important to economic development? –The child care industry is not just a private responsibility. –Reveals the need for continued and additional investments in child care. –And, most importantly…
This research allows policy leaders to talk, in concrete terms about the economic impact of Floridas child care industry…this new research allows lawmakers to speak the language of investment. Florida State Sen. Evelyn Lynn (R) Chair, Senate Children and Families Committee
Compare child care to other public policies… –Federal transportation funds are routinely leveraged with private investments to build public transit systems and highwaysa key system necessary for Floridas overall public benefit and work force. –Policies such as this recognize good public policy will lead to positive economic growth and societal gains.
Policy makers and business leaders should recognize the child care industry as a critical component to economic success.
Recognize that child care can positively impact the bottom line and improve business stability. Bank of America pays child care costs for employees through the CCEP program. How can the business community make a difference?
Our associates do their best work for our customers and clients when they are able to balance the many competing demands in their lives. We want to do all we can to create such a working environment for our associates. It's part of our commitment to achieve higher standards for our customers, our shareholders and our communities. Mike Fields President Bank of America, Tallahassee
Bottom line, child care… Empowers families to work and contribute directly to economic stability. Paves the opportunity for children to learn during critical development stages of life. Cultivates Floridas future work force by reducing the need for social service programs as children grow.
Considering the future economic potential of Florida's work force is imperative to improving Floridas economy and is essential to growth and progress. Skilled, educated workers attract new industries and increase economic activity. Bob Buesing Leadership Florida Graduate Florida Children's Forum Board member
The Forum is urging state leaders to recognize the economic impact of Floridas child care industry and make it a critical part of policy making.