Childcare costs are surging in New York as averages hit more than $45,000 a year

As any parent knows, childcare prices have been on a meteoric rise in the U.S. in recent years. That’s even more true in New York, where the average annual cost of care for an infant just topped $45,000 for the first time. And with federal funding that helped childcare providers stay afloat during the pandemic about to end, costs are likely to rise even more sharply soon.

According to an analysis by Bank of America Institute, average monthly childcare payments for September were 32% higher than in 2019. And since 1990, childcare prices have risen much faster than the cost of other essentials, including housing, transportation, and groceries.

In New York City, the average annual cost for infant care is now $45,490, according to Care.com — 16% higher than the national average of $39,270.

And things are about to get even worse. During the pandemic, the federal government provided $24 billion in aid for childcare providers. That funding is now gone, and industry experts say costs are likely to rise even more, and an estimated 70,000 childcare centers could close without the extra support.

This has wide-ranging impacts on the economy and gender equality. When childcare isn’t available or affordable, it prevents parents from being able to work after having children. And too often, childcare responsibilities fall to women, preventing them from returning to the workforce. At a time when more women are working than ever before in the U.S.’s history, childcare affordability could threaten the gains that women have made in the labor market.

So what can be done? Other countries around the world have shown that it’s possible to provide quality, affordable childcare — if you invest in it. We need to elect politicians who believe in supporting women and children and will fight to fund infrastructure that supports families.