Gross Domestic Product: Legal Services (5411) in the District of Columbia
DCLEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,431.70
Year-over-Year Change
35.62%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Legal Services (5411) in the District of Columbia' metric measures the economic output of the legal services industry in Washington, D.C. This trend is a key indicator for understanding the health and performance of the District's professional services sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This metric represents the inflation-adjusted gross domestic product (GDP) specifically for the legal services industry (NAICS code 5411) within the District of Columbia. It provides insight into the relative size and growth of this important component of the D.C. economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
Economists and policymakers use this trend to assess the competitiveness and productivity of the D.C. legal services market.
Key Facts
- Legal services account for over 10% of D.C.'s total economic output.
- The legal industry in D.C. has outpaced national GDP growth since 2010.
- Washington, D.C. is home to the highest concentration of lawyers in the U.S.
FAQs
Q: What does this economic trend measure?
A: This metric measures the gross domestic product (GDP) specifically for the legal services industry (NAICS code 5411) within the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the size and performance of a key component of the D.C. economy, which is important for understanding the city's overall economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this trend to assess the competitiveness and productivity of the D.C. legal services market, which can inform decisions around regulation, taxation, and economic development.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Bureau of Economic Analysis, with a typical 2-3 month delay.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in the District of Columbia (DCLEGALNGSP), retrieved from FRED.