NASHVILLE, Tenn. (WTVF) — Families continue to struggle with the rising costs of virtually everything, and 2024 data from the Bureau of Labor Statistics show that growth in child care costs continues to outpace other daily expenses.

This causes concern for parents as they are faced with the challenge of making difficult decisions.

According to Capterra’s 2024 Labor Cost Survey, more than 75% of workers surveyed say their pay has not kept pace with rising costs.

According to Child Care Aware of America, national average child care prices increased 3.7% annually from 2022 to 2023, to $11,582 per child.

At the same time, the supply of new childcare facilities has stagnated since 2021, so prices are rising and there are fewer opportunities to look for better prices.

The federal government provided states with $40 billion in child care funding through the American Rescue Plan and Jobs Act of 2021, but those funds expired in September 2023, leaving many facilities at risk of closure.

This would mean that there would be even fewer options for parents.

A bipartisan tax bill that would have increased the child tax credit recently passed the U.S. House of Representatives, but it failed in a key vote in the Senate, so it looks like families will have to deal with the increasing tax burden.

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