SMALL CHILDREN ARE BIG BUSINESS FOR FLORIDAS ECONOMY

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SMALL CHILDREN ARE BIG BUSINESS FOR FLORIDAS
ECONOMY

• 2003 The Economic Impact of
• Child Care in Florida

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• 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

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• How does child care impact Floridas economy ?

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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.

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• 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

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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.

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Child Care

• Generates ripple effects in Floridas economy
  by
• Creating economic momentum
• Generating jobs
• Producing revenue at the state and local level

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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.

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The child care industry purchases

• 27 million on cleaning
• materials, sanitary paper, and
• plastic products.
• 23 million in books and
• magazines.

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

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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

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• This research allows policy leaders to talk,
  in concrete terms about the economic impact of
  Floridas child care industrythis new research
  allows lawmakers to speak the language of
  investment.
• Florida State Sen. Evelyn Lynn (R) Chair,
  Senate Children and Families Committee

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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.

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

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• 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

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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.

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• 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

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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.