Gross Domestic Product: Legal Services (5411) in Indiana
INLEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,752.10
Year-over-Year Change
67.95%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Legal Services (5411) in Indiana' trend measures the economic output of the legal services industry in the state of Indiana. This metric is important for economists and policymakers to understand the role of the legal sector in the state's 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 represents the real gross domestic product (GDP) of the legal services industry (NAICS code 5411) in the state of Indiana. It provides insight into the economic performance and contribution of the legal services sector to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting principles.
Historical Context
Tracking this legal services GDP trend can inform economic and policy decisions related to the legal industry and its impact on the broader Indiana economy.
Key Facts
- Indiana's legal services GDP was $6.9 billion in 2021.
- The legal services sector accounts for 2.4% of Indiana's total GDP.
- Indiana's legal services GDP has grown by 12% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the legal services industry in the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: Tracking the legal services GDP in Indiana provides insight into the economic performance and contribution of the legal sector to the state's overall 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 established GDP accounting principles.
Q: How is this trend used in economic policy?
A: Monitoring this legal services GDP trend can inform economic and policy decisions related to the legal industry and its impact on the broader Indiana economy.
Q: Are there update delays or limitations?
A: The legal services GDP data for Indiana is published annually with a 1-year lag, so the most recent data point is typically from the prior year.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in Indiana (INLEGALNGSP), retrieved from FRED.