NASHVILLE, Tenn. (WTVF) — Families continue to navigate the rising costs of basically everything, and 2024 data from the Bureau of Labor Statistics shows growth in child-care costs continues to outpace other daily expenses.
It is causing concerns for parents who are put in a bind to make some tough choices.
More than 75% of workers surveyed say their pay has not kept up with the rising costs according to the Capterra's 2024 Cost of Work Survey.
The average national price for childcare annually rose 3.7% from 2022 to 2023, to $11,582 per child, according to Child Care Aware of America.
At the same time, the supply of new child-care facilities has stagnated since 2021, so prices are going up with fewer options to shop around for better prices.
The federal government gave states $40 billion in funding for childcare through the American Rescue Plan and Jobs Act of 2021, but those funds ran out in September of 2023, leaving many facilities at risk of closing.
That would mean even fewer options for parents.
Recently a bipartisan tax bill that would've increased child-tax credits recently passed in the U.S. House of Representatives, but failed a key vote in the Senate so it seems, for now, families are left to deal with the rising bill.
Do you have more information about this story? You can email me at tony.sloan@newschannel5.com.
Fostering Hope provides Christmas for kids in foster care. I'm delighted to see Fostering Hope expand this year to expand their reach to now include kids in Foster care in metro AND foster kids in East TN hard hit by Helene.
-Bree Smith
