Despite the threat of regulation and rulemaking, the freelance economy continues to grow at a rapid pace according to a new report.
Their 2022 report, released last month, says more American workers are seeking independent contract work “to find greater professional fulfillment, flexibility and financial stability, and a new approach to managing their career trajectory.”
The survey found 60 million freelancers cumulatively contributed $1.35 trillion to the U.S. economy in 2022—an increase of $50 billion from 2021.
They note freelancing is at an all-time high with it now totaling 39% of the U.S. workforce—up from 36% in 2021.
Other takeaways from the survey include the popularity of flexible work arrangements among Generation Z (43%) and Millennials (46%), growing self-perceptions of freelancing as a viable career (71%), and more workers are optimistic (67%) about their job opportunities working outside a traditional job.
This report mirrors the growth in the freelance economy observed by MBO Partners, whose 2022 State of Independence report revealed there are 64.6 million Americans—or 39.2% of the workforce—engaging in independent contracting on a full-time, part-time, or occasional basis.
I explained the significance of this survey in a previous IWF blog:
The report also found the number of full-time independents increased to 21.6 million individuals from 15.3 million in 2021—a 27% increase.
Approximately 164.5 million Americans comprise the workforce. That means about 39% of the U.S. workforce engages in full-time, part-time, or occasional freelance work—up from about 36%. Half of them are women.
To learn more about independent contracting, go HERE.