Gross Domestic Product: Legal Services (5411) in the Great Lakes BEA Region
GLAKLEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
43,522.50
Year-over-Year Change
60.72%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Legal Services (5411) in the Great Lakes BEA Region measures the economic output of the legal services industry in this geographic area. This data provides insights into the performance and contribution of the legal sector to the regional economy.
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 inflation-adjusted gross domestic product, or GDP, generated by the legal services industry (NAICS 5411) within the Great Lakes Bureau of Economic Analysis (BEA) region. It is a key indicator of the economic health and productivity of the legal services sector in this multi-state area.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
This economic trend is used by policymakers, analysts, and businesses to assess the relative strength and growth of the legal services industry in the Great Lakes region.
Key Facts
- The Great Lakes region includes Illinois, Indiana, Michigan, Ohio, and Wisconsin.
- Legal services account for over 3% of the region's total GDP.
- GDP from legal services has grown by 15% in the Great Lakes region over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the legal services industry (NAICS 5411) within the Great Lakes Bureau of Economic Analysis (BEA) region.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and productivity of the legal services sector in the multi-state Great Lakes region, which is useful for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, analysts, and businesses to assess the relative strength and growth of the legal services industry in the Great Lakes region, which can inform economic and regulatory policies.
Q: Are there update delays or limitations?
A: There may be some delays in data updates, as the GDP figures are released on a quarterly basis by the Bureau of Economic Analysis.
Related Trends
Real Gross Domestic Product: Retail Trade (44-45) in the Great Lakes BEA Region
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Chain-Type Quantity Index for Real GDP: Wholesale Trade (42) in the Great Lakes BEA Region
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Gross Domestic Product: Real Estate and Rental and Leasing (53) in the Great Lakes BEA Region
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Gross Domestic Product: Private Services-Providing Industries in the Great Lakes BEA Region
GLAKPRISERVPRONGSP
Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in the Great Lakes BEA Region
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Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in the Great Lakes BEA Region
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Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in the Great Lakes BEA Region (GLAKLEGALNGSP), retrieved from FRED.