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SMALL CHILDREN ARE BIG BUSINESS FOR FLORIDA’S ECONOMY

SMALL CHILDREN ARE BIG BUSINESS FOR FLORIDA’S 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 Florida’s child care industry is measured by:

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SMALL CHILDREN ARE BIG BUSINESS FOR FLORIDA’S ECONOMY

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  1. SMALL CHILDREN ARE BIG BUSINESS FOR FLORIDA’S ECONOMY 2003: The Economic Impact of Child Care in Florida

  2. MGT of America, Inc., a national management research and consulting firm, completed the study. The economic impact of Florida’s 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

  3. How does child care impact Florida’s economy ?

  4. Child care… Enables parents to work and earn money to support their families. • In 2000, Florida’s 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 absenteeismand turnover, increased productivity, improved work quality, and better employee morale.

  5. “The child care industry is vital to Florida’s 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 Florida’s infrastructure.” PhyllisKalifeh President Florida Children's Forum

  6. 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.

  7. Child Care… Generates ripple effects in Florida’s economy by: • Creating economic momentum • Generating jobs • Producing revenue at the state and local level

  8. The Ripple Effect… • Stimulates related industries by the sale of children’s 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.

  9. The child care industry purchases: • $27 million on cleaning materials, sanitary paper, and plastic products. • $23 million in books and magazines.

  10. “High quality child care is critical to Florida's economic competitiveness.”Frank Ryll President Florida Chamber of Commerce

  11. The child care industry makes waves… • For every $1 million dollars generated by Florida’s 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.

  12. 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…

  13. “This research allows policy leaders to talk, in concrete terms about the economic impact of Florida’s 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

  14. Compare child care to other public policies… • Federal transportation funds are routinely leveraged with private investments to build public transit systems and highways—a key system necessary for Florida’s overall public benefit and work force. • Policies such as this recognize good public policy will lead to positive economic growth and societal gains.

  15. Policy makers and business leaders should recognize the child care industry as a critical component to economic success.

  16. How can the business community make a difference? • 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.

  17. “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

  18. 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 Florida’s future work force by reducing the need for social service programs as children grow.

  19. “Considering the future economic potential of Florida's work force is imperative to improving Florida’s 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

  20. The Forum is urging state leaders to recognize the economic impact of Florida’s child care industry and make it a critical part of policy making.

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