As discussed in a recent op-ed for The Hill, independent work offers more than just a way of life for more than 30 million each year - it drives a vital part of our nation's local and national economy, as well. Independent professionals contribute more than $1.15 trillion in revenue to the economy each year - a figure nearly equivalent to the GDP of Mexico and 6% of total U.S. GDP.
But where, exactly, does this money go? We combed the data from our 2015 State of Independence report to take a deeper dive and understand how, exactly, independents are influencing the economy.
According to the data, 66% of independent revenue is accrued locally, indicating that most independents work with businesses both in the United States and also in their local area. Independents are also putting money right back into the same local economies, spending on average $7,900 each on non-payroll expenses ranging from office supplies to client entertainment, most of which is local.
As independents continue to expand their reach, they are more likely to form larger businesses (50% of small businesses started with a solopreneur) and to invest even greater amounts into the local and national economies.
These numbers, particularly as the economy continues to rebound, point to the growing import of the independent population on the economy at large.
View the infographic below for additional information.
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News and notes for independent contractors and their clients. This is the January 16, 2017 edition of The Weekly Independent from MBO Partners.