Lyft-ing the US Economy

Lyft, much like Uber, is a transportation company that has grown in popularity over the years because it allows people with cars to provide transportation services for those who request them through a phone app. This new 'individual taxi' model works, and has been welcomed by many Americans who have struggled to make ends meet during this down economy.

In turn, Lyft’s 2017 Economic Impact Study shows that Lyft has significantly contributed to the economic growth in the cities where it operates, growing local economies, reducing the number of cars that are on the street and helping to reduce instances of drunk driving.

The report shows that Lyft is providing economic benefits as well as benefits to people’s social lives. $49 million in new spending by Lyft passengers goes to the local economy, and 67.8% of people agree and strongly agree that they’ll be going out more frequently or staying out longer because of the transportation service the company provides. Also, 1.3 million travel hours are saved by passengers over alternate transportation and $45.5 million is saved in travel time.

The company also benefits the drivers economically and in their business ventures. 86% of drivers are employed or seeking employment, and the Median household income is $35,199. Of those drivers, 40.2% are creative professionals involved in music, photography and television and 31.9% are small business owners. 80.6% of the drivers use the money made from Lyft to support their business ventures.

84% self-identify with minority groups and 57% use earnings for primary expenses, while 9% use them for savings and 8% use the earnings for self development. 94.0% have also given rides to their neighbors, which shows that Lyft provides a way for you to give back to your community while making an earning at the same time. In addition, this is also why 59.7% of passengers use their vehicles less.

Finally, Lyft benefits passengers and troubling vehicular issues are avoided because of it. 67.1% of passengers use the transportation service to go to and from restaurants and entertainment, 46.2% commute to and from work and 30% use the service to visit friends and family. In addition, 98.8% of passengers believe that Lyft rides are safe and friendly spaces to use as a means of transportation. Also, 87.3% of passengers are more likely to avoid driving while intoxicated because of Lyft and 43.9% of passengers use Lyft for friends or family who need assistance after drinking to avoid drunk driving accidents.

As a result, Lyft has not only provided a way for people to give back to their community and meet local community members, they can also make money in return and passengers can use a service that’s safe, friendly and affordable.