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BizReport : Research archives : October 07, 2014

Study: Indie-workers pushing US economy

Independence comes in all genders, ages and locations -- from Boomer to Millennial, urban to rural, from full-time independent work to part-time as side-gigs -- with differing motivations leading workers to choose independent work. According to one study following the trend of freelance/entrepreneurial work is helping to push the US economy.

by Kristina Knight

New numbers out from MBO Partners indicates not only are more people freelancing, but that freelancers, entrepreneurs and 'solo'preneurs are helping to push the US economy. Some interesting takeaways from The Fourth Annual MBO Partners State of Independence in America study include:

• 12.1% increase in independent workforce during the 4 years of study
• Overall US labor increases of 1.1% during the 4 years of study
• Solopreneurs generated more than $1.1 trillion of total revenue over the past year
• Solopreneurs spent more than $150 billion on non-payroll/contractor expenses
• Solopreneurs the primary income source for over 10 million American households.

"Our study reveals independent work is far from a one-size-fits-all story. With shades of independence -- from solopreneurs to side-giggers -- there is a clear need for a variety of workforce solutions. The study is a wake-up call that at 30 million strong and forecast to grow to 40 million, the independent workforce is not just here, but here to stay," said Gene Zaino, President and CEO, MBO Partners.

One interesting findings is this: indie-workers are not relying on a single source of income. Multiple revenue streams have replaced single-sourced income for many, as workers in a changing work landscape diversify and reduce their risk of relying on a single employer.

Tags: freelance workers, MBO Partners, online work force, solopreneur trends

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