Increased birth rates helping economy flourish
With the economy in recession, there are many contributing factors that are certainly helping it. One in particular? Increased birth rates.
According to the National Center for Health Statistics, in women ages 15 to 44, the rate has gone up one percent. Although it may not sound like a lot it’s actually the highest since the beginning of the recession in 2007. Associate Professor of Finance at Salisbury University Dr. Leonard Arvi, says it’s helping the economy rebound.
Dr. Arvi tells 47 ABC, “More people means the economy does better. More children means more consumption and more consumption means more jobs.”
Dr. Arvi says unemployment numbers are currently below 5% nationwide and people are much more confident about the economic future.
Heesung Sean Kim, a pediatric assistant at Ansari Pediatrics tells 47 ABC, “I have seen more newborn babies recently so I think that trend is actually showing here.”
Kim also says the cost of living is high, along with supporting a child, but there are aspects of it that can drive the economy forward.
Kim tells 47 ABC, “To feed the child you would have to purchase formula if you’re not breastfeeding the entire time so yeah that kind of drives the formula industry all together. Having more kids is good for everything basically except for parents will have less nights of sleep.”
Dr. Arvi says buying things that provide for the child including food and cribs as well as saving for kids education also fuels the economy.
Dr. Arvi tells 47 ABC, “Having a child is expensive. It cost almost around one hundred and thirty thousand dollars excluding education expenses, college education, etc. Now that we have jobs, our incomes are stable I think we can afford to have children and that’s what you see happening.”
According to Peninsula Regional Medical Center as far as here on the Eastern Shore, Wicomico and Worcester have both seen small decreases in birth rates while Somerset has gone up. PRMC says if typical birth trends continue, they will be right around their average of two-thousand babies per year average by the end of this year.
