Real Gross Domestic Product: Legal Services (5411) in Iowa
IALEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,069.30
Year-over-Year Change
-5.44%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Legal Services (5411) in Iowa measures the economic output of the legal services industry in the state, adjusted for inflation. This metric is crucial for understanding the health and growth of Iowa'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 (inflation-adjusted) value added by the legal services industry to Iowa's gross domestic product. It provides insight into the productivity and competitiveness of this key component of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and business leaders use this metric to gauge the strength of Iowa's professional services industry and inform economic development strategies.
Key Facts
- Iowa's legal services industry accounts for over 2% of the state's total GDP.
- Real GDP in Iowa's legal services sector has grown by 15% in the past decade.
- The legal services industry employs over 12,000 people in Iowa.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real (inflation-adjusted) economic output of Iowa's legal services industry, as a component of the state's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: The performance of the legal services sector is an important indicator of Iowa's professional services economy and overall business environment.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders use this metric to gauge the strength of Iowa's professional services industry and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in Iowa (IALEGALRGSP), retrieved from FRED.