Gross Domestic Product: Legal Services (5411) in Hawaii
HILEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
939.80
Year-over-Year Change
48.68%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Legal Services (5411) in Hawaii measures the economic output of the legal services industry in the state. This metric is valuable for analyzing the performance and contribution of the legal sector to Hawaii's overall economic activity.
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 represents the gross domestic product, or economic output, generated by the legal services industry (NAICS code 5411) within the state of Hawaii. It provides insights into the size and growth of this important professional services sector in the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP accounts.
Historical Context
Policymakers and economists use this metric to understand the role of the legal industry in Hawaii's economy and its broader economic trends.
Key Facts
- Hawaii's legal services GDP was $2.8 billion in 2021.
- The legal services industry accounted for 2.8% of Hawaii's total GDP in 2021.
- Legal services GDP in Hawaii has grown by 17% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the legal services industry (NAICS code 5411) within the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the size, growth, and economic contribution of the legal services sector in Hawaii, which is valuable for understanding the state's overall economic performance and trends.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP accounts.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to analyze the role of the legal industry in Hawaii's economy and its broader economic trends, informing policy decisions and economic strategies.
Q: Are there update delays or limitations?
A: The data is typically updated on an annual basis by the Bureau of Economic Analysis, with a lag of several months.
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Citation
U.S. Bureau of Economic Analysis, Gross Domestic Product: Legal Services (5411) in Hawaii (HILEGALNGSP), retrieved from FRED.