The Child Day Care Services Gross Output in the US experienced steady growth from 2013 to 2019, peaking at $56.42 billion in 2019. The sector faced a significant downturn in 2020, with a 42.84% decline, largely attributed to the COVID-19 pandemic. However, the market rebounded strongly in 2021 with a 63.92% recovery, and sustained growth continued through 2022 and 2023, with outputs standing at $59.86 billion and $60.97 billion respectively. Looking forward, the forecast indicates moderate growth, with a 5-year CAGR of 1.45%, projecting gross output to reach $66.38 billion by 2028.
Future trends to watch for:
- Technological advancements in child care services.
- Increased demand for flexible child care solutions.
- Impact of potential regulatory changes.
- Shifting societal norms around child-rearing and employment.
- Economic factors influencing parental spending power.
