In a brief press release on Wednesday April 26th, First Children's Financial announced its results regarding a new study commisioned by Families First of Minnesota and United Way of Olmsted County. First Children’s Finance conducted a supply and demand analysis to show how family and center child care providers in Olmsted County have an expected capacity of 6,700 full-time care slots available, which is 1,855 short of the expected need. “These numbers are even worse than we expected,” said Jon Losness, executive director of Families First of Minnesota. “We knew that the number of family child care providers was declining, but this study shows that the child care shortfall is growing at a time in which employers are eager to add workers.” But supply isn't keeping up with demand.
“Availability of affordable, quality early childhood care and education are important factors to our long-term community health and vitality. Not only are these crucial years in a child’s development, but the related stress- from the child’s well-being to the associated financial burdens weigh heavily on parents,” said Jerome Ferson, President and CEO of United Way of Olmsted County. “The conundrum our community faces is that it is difficult for new family providers to start when rates are low. Yet families are becoming increasingly stressed from paying more to put their children in quality child care, eventually this leads some to opt out of the workforce.”
Click on the image to see the full Press Release.