Real Gross Domestic Product: Legal Services (5411) in Arizona
AZLEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,305.30
Year-over-Year Change
6.59%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Legal Services (5411) in Arizona trend measures the real output of the legal services industry in the state. This metric is important for economists and policymakers to assess the health and productivity of Arizona'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 series tracks the real gross domestic product, or inflation-adjusted output, of the legal services industry (NAICS code 5411) within the state of Arizona. The real GDP figure adjusts the nominal GDP to remove the effects of price changes, providing a more accurate representation of economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level production and price information.
Historical Context
Trends in legal services GDP are used by economists, analysts, and policymakers to understand the performance and competitiveness of Arizona's professional services industry.
Key Facts
- Legal services account for over $13 billion in annual GDP for Arizona.
- The legal services industry employs over 44,000 people in the state.
- Real legal services GDP in Arizona has grown by 20% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product of the legal services industry (NAICS 5411) within the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: Trends in legal services GDP are important for understanding the performance and competitiveness of Arizona's professional services sector, a key component of the state's 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 industry-level production and price information.
Q: How is this trend used in economic policy?
A: Economists, analysts, and policymakers use this trend to assess the health and growth of Arizona's professional services industry, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the BEA with a lag of several months, so the most recent figures may not reflect the current economic situation.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in Arizona (AZLEGALRGSP), retrieved from FRED.