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Economic Benefits of a Robust Childcare System in Florida

Access to affordable, quality child care and early learning programs is essential for keeping parents in the workforce. In July 2022, Florida TaxWatch released “How Childcare Impacts the State’s Economy and Shapes Florida’s Workforce” to examine the risk unstable childcare options pose to the state’s economy. The briefing found that childcare-related turnover can cost $5.7 billion in lost earnings for families, $1.2 billion in turnover expenses for businesses, and $518.3 million in tax revenues, annually. Yet, the availability and capacity of high-quality child care and early learning programs remain limited, and often unaffordable, for many Florida families.

In response to the COVID-19 pandemic, Florida received more than $3 billion in federal emergency relief funding to stabilize and support the state’s childcare industry so parents could continue to work, businesses could remain open, and the economy could continue to function. While this funding was absolutely critical, it will be gone by September 2024—with most of the funds set to expire September 30th of this year—leaving Florida staring down the edge of a $3.18 billion fiscal cliff in the absence of additional funding. Florida’s legislature must take action to prevent the devastating effects of this fiscal cliff from becoming reality and to improve the affordability and availability of child care and early learning in the state.

Florida TaxWatch is pleased to present this report and its findings and looks forward to engaging policymakers in the 2024 legislative session and beyond. To read the latest report, visit: Economic Benefits of a Robust Childcare System in Florida.

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The Potential Impacts of New Tariffs on Florida’s Economy

The Potential Impacts of New Tariffs on Florida’s Economy

On April 2nd, 2025, a universal 10 percent tariff on all countries was announced by the federal government, with a few countries facing additional reciprocal tariffs of up to 50 percent. A week after the announcement, due to intense volatility in the bond market, a 90-day suspension on the tariffs was announced, with the exception of a 145 percent tariff on certain Chinese goods.

 

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How Childcare Costs Impact Florida’s Economy

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The impact of childcare, as the data suggest, is prominent on Florida’s economy. Losses incurred from turnover and absenteeism of working parents can be avoided with friendlier workplace policies and higher investment in affordable childcare. As an important part of the industry, treating childcare workers better financially can help maintain the workforce in childcare and add to the economy of Florida. Impactful measures that can alleviate the pressing childcare issues mentioned can further grow Florida’s economy.

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