III. Industry Analysis
Today, childcare centers have become a common and necessary part of millions of Americans’ lives. More women in the workforce, longer workweeks and educational research supporting the importance of early childhood education have contributed to the rise of early childhood centers throughout the United States. Since working parents are unable to pay attention to the proper academic and mental growth of their children during the days, they opt for the services of daycare centers. Working parents face numerous decisions when balancing their work and home life, including choosing the type of care to provide for their children while they work.
Industry Statistics & Trends
The following industry size facts and statistics bode well for [Company Name]:
According to the United States Department of Labor, “Obtaining affordable, quality child day care, especially for children under age 5, is a major concern for many parents, particularly in recent years with the rise in families with two working parents. As the need for child day care has increased in the last decade, the child day care services industry began to fill the need of non-relative child care.”
Often employment statistics are a good indicator of where an industry will likely move in the near future; after all, demands for human resources generally reflect a strong demand for products or services within an industry. The United States Department of Labor further indicates that, “wage and salary jobs in the child day care services industry are projected to grow about 34 percent over the 2006-16 period, compared with the 11 percent employment growth projected for all industries combined. The rising demand for child day care services driving industry growth reflects in part demographic trends. Over the same period, the number of children under age 5 is expected to increase at a faster rate than in previous years and many of them will continue to be raised in households with two working parents or a single working parent. Furthermore, growing numbers of parents will hold jobs that require work during weekends, evenings, and late nights. As a result, demand will grow significantly for child care programs that can provide care during not only traditional weekday hours, but nontraditional hours as well. In addition, school-aged children, who generally require child care only before and after school, increasingly are being cared for in centers.”
Interest in the use of professional childcare has grown as the proportion of women in the labor force increased. The growing number of working couples has lead to an increase in demand for child care centers. The stay-at-home trend is decreasing, making child daycare centers important.