Jason Bearce, the Vice President of Education and Workforce Development at the Indiana Chamber of Commerce, discussed a new report focusing on how childcare problems affect Indiana’s economy. The report, created with the U.S. Chamber of Commerce Foundation and Early Learning Indiana, highlights the financial impact on both employers and workers.

The report shows that Indiana loses around $4.22 billion each year due to childcare issues, including $1.17 billion in lost tax revenue. Many parents of young children are forced to miss work because they can’t find reliable childcare. In fact, 57% of parents reported missing work at least once in a three-month period for this reason.

Additionally, some parents are leaving the workforce altogether due to ongoing childcare challenges. About 40% of parents who experienced disruptions in childcare last year ended up quitting their jobs. This leads to an estimated $3.05 billion in costs for Indiana employers because of lost workers and absenteeism.

Childcare access plays a key role in maintaining a strong workforce. When parents are unable to find affordable childcare, their ability to work is affected, which hurts the economy. The report also emphasizes the long-term benefits of quality childcare for children, who are more likely to succeed in school and beyond.

Bearce believes that by working together, Indiana can address these issues. Solutions will require cooperation between businesses, government, and other organizations to improve childcare options and support working parents.