Yet for all the attention paid to what families spend on child care, considerably less attention has been paid to a more basic constraint: In many communities, there simply are not enough classrooms.

The ramifications don’t just stop at the doors of a child care center. They extend directly into the workforce.

In a national poll conducted for the First Five Years Fund, 59% of part-time or non-working parents said they would return to full-time work if they had access to quality child care at a reasonable cost. Separate polling found that 52% of voters said they or someone they know had missed a shift or reduced their working hours because of a child care problem.

For employers, those individual decisions add up. When parents cannot find reliable care, businesses lose available workers, employees miss shifts and experienced professionals scale back careers they might otherwise continue.

That makes America’s child care crisis more than an affordability problem. It is also a supply problem.

After years spent helping early education operators find and build the facilities they need to grow, I have had a front-row seat to a strange contradiction: Operators can have families waiting for seats and still struggle to find the real estate and capital necessary to open another school.

I also have a financial interest in this issue. Fortec develops and invests in early education real estate and manages a fund that invests in the sector. I believe more institutional capital should enter this market, and my company may benefit as the sector attracts additional investment. At the same time, my experience investing in the sector is what has shown me the scale of the supply problem — and why solving it will require far more capital and development than any one company can provide.

Families need more options. Operators see demand and want to expand. But getting from that demand to a functioning school requires something the child care conversation often overlooks: land, buildings and investment.

We would never address a housing shortage by focusing only on rent subsidies while ignoring the need to build more homes. Yet that’s often how we approach child care.

Financial assistance can help a family pay for a seat, but it cannot create one where a classroom does not exist. Part of the reason more capacity has not been built is that early education has historically fallen between categories in the investment world.

Investors know how to evaluate apartments, warehouses, shopping centers and office buildings because those sectors have decades of data behind them. Child care centers are more specialized, and the market has never developed the same depth of familiarity or transaction history investors rely on elsewhere. That has made the sector easy to dismiss as too niche, even when the underlying demand is hiding in plain sight: growing numbers of young families, schools with waiting lists, operators seeking additional locations and communities where available seats have failed to keep pace.

As e-commerce expanded, institutional capital poured into logistics facilities. The rise of artificial intelligence has driven billions of dollars toward data centers. Housing shortages continue to put multifamily development at the center of national economic discussions.

Early childhood education has its own persistent supply-demand imbalance. The difference is that investors are only beginning to recognize it.

Even a strong education operator may lack the capital or real estate expertise needed to open a new facility. When the real estate side of the equation breaks down, expansion stalls even when families are waiting for seats.

The consequences also extend to the communities trying to attract employers and young families. We already plan for roads, utilities and housing because businesses and families depend on them. Early education belongs in that same conversation.

Child care is often discussed as a household expense or a social service. It is both. But it is also workforce infrastructure.

America has spent years debating the cost of child care while millions of families continue competing for a limited number of seats. Creating more of them will require strong providers, public support and significantly more private capital. For investors willing to understand the sector, early education offers a familiar business equation: persistent demand and constrained supply.

America’s $172 billion child care problem will not be solved by real estate alone. But it cannot be solved without it.

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