The Federal Reserve Bank of Minneapolis is hosting a webinar on the health of the child care sector in Minnesota, an event that will discuss a recent groundbreaking survey of almost 800 child care providers conducted by the Minneapolis Fed in partnership with First Children’s Finance, a nonprofit and certified Community Development Financial Institution dedicated to increasing child care capacity, particularly for low- and moderate-income families.
Even before the pandemic, access to affordable child care was becoming a major challenge for workers and employers alike. The pandemic has been extremely difficult for many child care providers and now, with the economy strengthening and job openings growing, the health of this sector will play a critical role in economic recovery.
“Child care is an important part of our economy’s workforce infrastructure,” said Rob Grunewald, an economist at the Minneapolis Fed. “The availability of quality child care can have a substantial impact on workforce participation, job stability, and wages.”
“The health of Minnesota’s economy depends on the health Minnesota’s child care sector,” said Suzanne Pearl, Minnesota director at First Children’s Finance. “Since the beginning of the pandemic, we’ve helped providers navigate severe losses in enrollment and revenue. We’re excited to share survey data that illustrate what they’ve experienced and how they are positioned to support families moving forward.”
The May 7 webinar will discuss survey results related to child care demand, operating challenges, financial health, and other issues faced by providers in Minnesota. The conference is part of an ongoing effort by the Minneapolis Fed to connect with local businesses to gauge recent economic conditions and identify the challenges facing stronger growth moving forward.
The event will take place on Friday, May 7, from 9:00 a.m. – 9:30 a.m. CT. To register for this important discussion, go to the event website.
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation’s central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin, and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.