Looking to enter the gig economy this year? Here’s current gig economy statistics so you can make an informed decision in today’s gig job market.
The Most Recent Gig Economy Statistics
Gig Economy Statistics
The Coronavirus pandemic created a huge shift in the way Americans viewed their relationship with their work and careers. According to Forbes, the 2020 pandemic catapulted gig work into the limelight and now, the gig labor market is here to stay. Because of political, economic and social issues, self-employment is on the rise and people are looking towards gig work to make a living. Both full-time and part-time gig work has seen a rise across all demographics and the numbers keep growing with each passing year.
Defining the Gig Economy
The gig economy is a labor market characterized by independent work. Unlike traditional jobs, gig workers do not bind themselves to a company through a contract. Instead, they become their own boss and work as they please. Gigs are considered to be short-term work, but a great number of freelancers rely on gig work as their primary source of income. Some common gig jobs among U.S. workers are:
- Tutoring
- Driving
- Delivery services
- Babysitting
- Home cleaning
- Content writing
- Portrait painting
To be part of the gig economy is to have a lot of benefits they can’t get with traditional employment. People have found a way to earn extra money while maintaining control over their time, finances and workflow. Because of this, full-time independent gig work is rising in popularity globally.
If you are interested in joining the gig economy, chances are, you’ll need a resume and cover letter. ResumeNerd has all kinds of resume and cover letter examples you can use for inspiration.
Gig Economy Stats: What You Need To Know
Here are some valuable labor statistics you should know about the gig economy. Whether you want to be in the gig workforce full-time or part-time, these statistics will give you some insight into what the freelance economy looks like:
- There are over 59 million freelancers in the United States as of 2021.
- The gig economy has contributed over $1.2 trillion to the U.S. economy.
- Over 120,000 people are freelance writers in the United States.
- More than half of all freelance work is in tech, business management or marketing in the U.S. but worldwide, it’s transportation. (International Federation of Accountants)
- More than 35% of the U.S. workforce are gig workers and the number is estimated to rise to 50% in less than 5 years. (Government Executive)
- Freelancers work approximately 11 to 30 hours per week. (Statista)
- 19% of independent workers use Medicare for health insurance.
- Pet sitting is the second-lowest paying job an independent contractor can take.
- Baby boomers in the gig economy have 3x more full-time jobs than millennials.
- Uber drivers make over $19 U.S. dollars per hour.
- Freelancers have generated over $200 billion for the global gig economy. (MasterCard)
- Short-term gig work sees a rise of nearly 20% during the summer.
- 45 to 54-year-olds are more likely to have gig work as their primary source of income than other age groups.
- More than 40% of Hispanic people in the U.S. have done some sort of gig work. (UnidosUS)
- More than 50% of gig workers get paid via PayPal.
- Over 20% of gig workers are high-earners ($100,000 or more). (Velocity Global)
- 70% of freelancers express concern over not having enough money left over for savings.
One common misconception about the gig economy is that it’s composed of people who are low-skilled laborers. This is far from the truth. There are many highly-skilled, full-time freelancers with years of experience. So, no matter what your skill set or work history, you can join the gig economy and start earning some money your way. Use ResumeNerd’s resume builder if you’re a professional interested in applying for gig work.
