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CSI report: Child-care shortage stifles workforce growth
Colorado ranks as the eighth-most expensive state for child care
Mike Taylor //November 11, 2024//
Image courtesy of Shutterstock.
Image courtesy of Shutterstock.
CSI report: Child-care shortage stifles workforce growth
Colorado ranks as the eighth-most expensive state for child care
Mike Taylor //November 11, 2024//
A report by the Common Sense Institute released Monday concludes that Colorado faces a severe child-care shortage, with 88,500 fewer licensed slots than needed for children under the age of 6. This gap sidelines thousands of parents, directly impacting Colorado’s workforce and economy, according to the report, “Unlocking work: Impacts of Improving Access to Affordable Child Care.”
“Because of its necessity for working parents, the child-care system can have a significant impact on economic opportunities and upward mobility for families,” the report from the Greenwood Village-based research organization says. “Some parents who would otherwise prefer to work must exit the workforce to raise children full-time due to the lack of child-care access or affordability. Others maintain part-time work, potentially stalling their careers.”
In assessing the employment impact, the CSI report estimates that 10,200 mothers are kept out of the workforce due to child-care challenges, resulting in more than $770 million in unrealized wages statewide. If resolved, the report says, these barriers could add 29,000 jobs and $3.8 billion in GDP.
The economic impact is also significant, with high child-care costs putting added pressure on families and the economy. With annual infant care averaging $15,325, according to CSI estimates, Colorado ranks as the eighth-most expensive state for child care. More than one-third of parents have cut into savings or gone into debt to afford care, the report states, affecting long-term financial stability.
CSI also did a deep dive into child-care access in metro Denver, El Paso County and Northern Colorado.
