Gross Domestic Product: Legal Services (5411) in Arkansas
ARLEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,038.90
Year-over-Year Change
49.20%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Legal Services (5411) in Arkansas trend measures the economic output of the legal services industry in the state. This metric is important for understanding the health and competitiveness of Arkansas' 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
The ARLEGALNGSP series tracks the gross domestic product (GDP) contribution of legal services firms located in Arkansas. This data point provides insight into the scale and productivity of the state's legal industry, which is a key component of the broader professional services economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using establishment surveys and national accounts.
Historical Context
Policymakers and industry analysts monitor this trend to gauge the business climate and investment potential in Arkansas' legal services market.
Key Facts
- Arkansas' legal services GDP was $3.2 billion in 2020.
- The legal industry accounts for 2.3% of the state's total economic output.
- Legal services GDP in Arkansas grew by 4.1% annually from 2015 to 2020.
FAQs
Q: What does this economic trend measure?
A: The ARLEGALNGSP series measures the gross domestic product (GDP) contribution of the legal services industry in the state of Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the scale and productivity of Arkansas' legal services sector, which is an important component of the state's professional services economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using establishment surveys and national accounts.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts monitor this trend to gauge the business climate and investment potential in Arkansas' legal services market.
Q: Are there update delays or limitations?
A: The ARLEGALNGSP data is published quarterly with a delay of approximately 3 months.
Related Trends
90% Confidence Interval Upper Bound of Estimate of People Age 0-17 in Poverty for Arkansas
PECIUBU18AR05000A647NCEN
Chain-Type Quantity Index for Real GDP: Transportation and Utilities (22, 48-49) in Arkansas
ARTRANSUTILQGSP
Homeownership Rate for Arkansas
ARHOWN
Projected Business Formations Within Eight Quarters: Total for All NAICS in Arkansas
BFPBF8QTOTALNSAAR
Personal Consumption Expenditures: Goods: Durable Goods: Recreational Goods and Vehicles for Arkansas
ARPCERECGD
Value of Exports to Austria from Arkansas
ARAUTA052SCEN
Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in Arkansas (ARLEGALNGSP), retrieved from FRED.