Triangle Business Journal: Lack of child care costs North Carolina billions as funding cliff looms

Triangle Business Journal covered the NC Chamber Foundation’s release of the US Chamber Foundation’s Untapped Potential report on the economic impact of the child care crisis in North Carolina. Following is an excerpt from that story.
The U.S. Chamber of Commerce Foundation has published a new report noting that North Carolina is losing billions of dollars annually due to child care supply issues. And those problems may soon get worse as federal funds helping to stabilize the industry in the state are set to expire in a matter of weeks.
The report, published by the national chamber foundation in tandem with the NC Chamber Foundation and NC Child, a nonprofit focused on advocating for child well-being, found that North Carolina is missing out on $5.65 billion due to issues surrounding child care. The report estimates that roughly $1.36 billion of that is due to “turnover and absence costs stemming from child care issues,” and “childcare-related employee turnover and absenteeism costs North Carolina employers” an estimated $4.29 billion per year.
Meredith Archie, president of the NC Chamber Foundation, told Triangle Business Journal that a robust child care system is essential to ensuring a strong and plentiful workforce pool — which North Carolina employers have cited as a top issue.
“Having access to affordable, high-quality child care fits squarely within that conversation around workforce and allowing people and parents specifically to be able to participate and to provide for their families,” Archie said. “… Seeing the $5.65 billion number, it’s eye-opening. It is truly a staggering figure when you think about the economic potential that is on the table for our state.”
Child care problems for the state may soon get worse.
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