Business
Upwork Study Finds 59 Million Americans Freelancing Amid Turbulent Labor Market
Freelancing rates hold steady in the U.S., contributing $1.3 trillion to the US economy SAN FRANCISCO--(BUSINESS WIRE)-- Upwork (Nasdaq: UPWK), the world’s
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[{"type":"text","content":"\nFreelancing rates hold steady in the U.S., contributing $1.3 trillion to the US economy\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nUpwork (Nasdaq: UPWK), the world’s work marketplace that connects businesses with independent talent, today released the results of “Freelance Forward: 2021,” the most comprehensive study of the U.S. independent workforce to date, which found that 59 million Americans performed freelance work in the past 12 months, representing 36% - or more than one-third - of the entire U.S. workforce.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211208005266/en/Upwork's Freelance Forward: 2021 (Graphic: Business Wire)\nIn a turbulent job market marked by persistent talent shortages and rising attrition rates, Upwork’s study found American freelancers contributed $1.3 trillion in annual earnings to the U.S. economy, $100 million more than in 2020. This growth was driven by an increase in the number of highly skilled, remote freelancers that left full time employment for flexible work alternatives. At the same time, there was a notable decline in temporary workers and a rise in all other types of freelancing combined.\n\nUpwork’s eighth annual study surveyed more than 6,000 U.S. workers over the age of 18. To read analysis by Upwork Chief Economist Adam Ozimek in the research report here.\n\nKey findings:\n\n\nAmid a turbulent year, freelancing remains an important part of the U.S. labor market and economy: Freelancers contributed $1.3 trillion to the U.S. economy in annual earnings, up $100 million from 2020.\n\n\nThe share of non-temporary freelancers grew to a new high: The share of workers who are non-temporary freelancers rose from 33.8% to 35.0% from 2020 to 2021.\n\n\nFreelancing is growing among the most educated: The higher skilled nature of freelancing is clear as 51% of post-grad workers chose freelancing, up 6% since 2020, while the share of freelancing individuals with high school diplomas or less education has declined from 37% in 2020 to 31% this year.\n\n\nSkilled remote freelancing continued to grow in 2021: 53% of all freelancers provided skilled services such as computer programming, marketing, IT, and business consulting in 2021, up from 50% in 2020.\n\n\nFlexibility and freedom are key motivators for new and existing freelancers:\n\n\...