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A report published in June detailed how the rising cost of childcare in Colorado is leading to additional pressure on employers and employees throughout the state.
The average weekly cost of childcare in Colorado is around $265.84, or roughly $13,823.43 a year, according to data cited by 9News. This amount equates to around 15% of the average household income for Colorado residents, placing the state 9th overall in the nation for highest child care costs.
Compounding the issue is the scarcity of daycare availability. Some 75,000 Colorado kids under the age of 6 won’t be able to get into a daycare, because there simply aren’t spots available. This is particularly bad in the seven county Denver area, the report notes, with the market being short by tens of thousands. (TAKE A POLL: Do You Feel You Have Enough Money to Take a Vacation This Year?)
How Does This Impact The Economy?
A report from Axios found that when parents are forced to pay huge costs for daycare, they are less likely to spend in other areas of the economy. Many families are spending at a far slower pace while also dipping into savings. These behaviors have short, long-term, and compounding impacts on the overall economy. Some parents are even choosing to leave the workforce entirely to focus on raising their children, removing them from the economy as a whole. (LEARN MORE: US Facing 12 Million ‘Occupational Transitions,’ Experts Say)
Reports from places like North Carolina have recently found strong links between child care and overall local and state economic growth and development. “The child care industry causes spillover effects (additional economic activity like the purchase of goods and services and job creation or support within the community) beyond those employed within child care or the business income of those operating centers or home-based programs,” ChildCareServices noted.
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