Large growth in the gig economy was seen as the COVID-19 pandemic unfolded two years ago.

There was more than 30% growth, an expansion of over eight times faster compared to the country's economy.

"The gig economy, defined as short-term contracts and freelance work, is booming and continues to attract more workers from traditional employment relationships," Volusia Business Resources stated on Facebook. "According to a recent infographic published by Wage, developer of a 'gig' marketplace app, the gig economy grew by 33%, expanding 8.25 times faster than the U.S. economy as a whole in 2020." 

A Wage study found that the gig economy has doubled in size with 2 million Americans having tried gig work in 2020 for the first time, and a reported 1.1 billion gig workers worldwide with 55 million of those being in the U.S. A reported 70% of gig workers are paid more than those who are traditionally employed.

"The Wage infographic captures several interesting trends in freelance work including how the gig economy has grown, which nature of gig work is most in demand, the benefits of gigs and the future of this type of work," the post continued. "For anyone thinking about breaking into gig work, or for small businesses wanting to start using this flexible working arrangement, the infographic offers valuable insight and information."

According to the same report, the COVID-19 pandemic caused a 14% unemployment rate resulting in 12% of the U.S. workforce participating in the gig economy for the first time.

The fastest-growing sector of the gig economy is delivery services, which have experienced a 10.3% growth rate per year and are expected to reach $200 billion in total value by 2025.

The gig economy is expected to continue this growth pattern as 4 out of 5 U.S. companies plan to increase the use of gig workers and at the time of the study, 70% of hiring managers in the U.S. have reported expecting to hire more gig workers post-pandemic.