The value of an hour of volunteer time grew to $21.36 in 2010 from $20.85 in 2009, a new estimate says.
Roughly 63.4 million Americans, or 26.8 percent of the adult population in the U.S., contributed 8.1 billion hours of volunteer service worth $169 billion in 2009, says Independent Sector, which this summer will release estimates for 2010.
According to the Corporation for National and Community Service, the corps of volunteers in the U.S. in 2009 represented 1.6 million more volunteers than in 2008, marking the biggest one-year increase in the number of volunteers since 2003, Independent Sector says.
Independent Sector also released estimates on the value of volunteer time in U.S. states and territories in 2009.
The states with the highest estimated value of an hour of volunteer time were the District of Columbia, $32.79; New York, $27.17; Connecticut, $26.98; Massachusetts, $26.18; and New Jersey, $25.20.
Nonprofits employ roughly 12.9 million workers, or nearly 10 percent of the U.S. work force, and account for about 5.2 percent of gross domestic product, Independent Sector says.
The value of volunteer time is based on the average hourly earnings of all production and nonsupervisory workers on private non-farm payrolls, as determined by the U.S. Bureau of Labor Statistics, says Independent Sector, which increases that number by 12 percent to estimate for fringe benefits.