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The Growing Gig Economy

Many people’s careers took a significant turn during the pandemic. Record numbers of people showed up for unemployment as entire industries seemed to grind to a halt. But don’t despair - there is hope. One bright spot of employment - even during the global pandemic - has been the strength of the gig economy. How large was this upward trend? Last year, the gig economy grew by 33%, which was 8.25 times faster than the United States economy as a whole.

The term “gig economy” refers to a free market system in which traditional businesses hire independent contractors, freelancers, and short-term workers to perform individual tasks, assignments, or jobs. The term comes from the world of the performing arts in which musicians, comedians, etc. are paid for their individual appearances, called “gigs.”

Here are some new statistics on the current gig economy situation that you might benefit from:

• Number of Americans working as freelancers (70.4 million)
• Freelancers' contribution to the US ($1.3 trillion)
• Most common professions for freelancers (graphic designers)

You might have certain preconceived notions about what the gig economy is - you may think it is only about Uber and ride sharing services, but it has blossomed into a much more rich field of opportunity across multiple industries. Such innovation of industries in the gig economy include home services, personal services, animal care, and even automotive. No matter what your skill set is, chances are that there are opportunities abound for you. They will even free you to a better quality of life, higher pay, and flexibility of work hours.

Learn more about the rise of the gig economy as well as opportunities where you can get a living wage through gig work in the following visual deep dive below: