07/18/2024
Like many communities, Elizabethtown Kentucky has been grappling with a lack of affordable and available childcare for working parents. The Lincoln Trail Area Development District (LTADD) recognized this issue and took action.
🔍 The Problem: In 2022, LTADD engaged TPMA to estimate the impact of inadequate childcare on the workforce and economy in its eight-county region. The challenge was clear: How can we create solutions that benefit both parents and the local economy? TPMA’s custom methodology went to work. Here’s what we found:
Work Willing Parents: There are currently 2,035 parents in the LTADD region who are eager to return to the workforce if adequate childcare options were available.
Economic Impact: If these parents rejoin the workforce full-time, they could collectively earn between $99.2 million and $126.3 million annually. Imagine the positive ripple effect on local businesses, home purchases, and job creation!
Tax Revenue Boost: Payroll taxes from these parents’ earnings would generate between $863,000 and $1.09 million annually for local governments. Plus, Kentucky could see an additional $4.5 to $5.7 million in state income tax revenue.
Gross Regional Product (GRP): The region stands to generate between $164.5 and $230.6 million in additional GRP.
🚀 Next Steps: Armed with these insights, Lincoln Trail Area Development District launched a childcare taskforce in May 2024. Industry leaders, government officials, and community advocates are now working together to pave the way forward.
Let’s celebrate progress and support working families! Share this post and spread the word about efforts to overcome regional childcare challenges. Learn more about this impactful project below.
Like many areas in the United States, central Kentucky has experienced a lack of affordable and available childcare for working parents. In 2022, LTADD engaged TPMA to estimate the impact that lack of childcare has on the workforce and economy in its eight-county region.
