Economy
The Rise of Invisible Work
Companies like Airbnb and Etsy are redefining what it means to have a "job." Is that good for the economy?
Last week, in the face of growing scrutiny from the city of New York, the five-year-old accommodation-sharing company Airbnb released some data designed to make its case as a good neighbor – even an economic catalyst – in the five boroughs.
In the previous year, according to numbers crunched by the consulting firm HR&A Advisors, Airbnb had helped generate $632 million in economic activity throughout town, supporting 4,580 "jobs." Its hosts – individuals often held up as direct competition to major hoteliers – were making on average $7,530 a year renting out their homes. And the visitors they welcomed stayed longer (6.4 nights on average) than the typical New York tourist, and spent more money in the process ($880 at New York businesses).