Real Gross Domestic Product: Legal Services (5411) in Massachusetts
MALEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,863.50
Year-over-Year Change
-15.40%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the legal services industry in Massachusetts. It provides valuable insights into the performance and growth of this vital sector of 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
The Real Gross Domestic Product: Legal Services (5411) in Massachusetts series tracks the inflation-adjusted output of the legal services industry, which includes law firms, legal advice, and other legal activities. This metric is important for understanding the broader economic conditions and competitiveness of the Massachusetts legal services market.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts closely monitor this trend to gauge the health and trajectory of the legal services sector, which is a significant contributor to the Massachusetts economy.
Key Facts
- Legal services account for over 3% of Massachusetts' total GDP.
- The legal services industry employs more than 50,000 people in Massachusetts.
- Real GDP for legal services in Massachusetts 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 (GDP) of the legal services industry in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the overall performance and competitiveness of the legal services sector, which is a significant contributor to the Massachusetts 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 national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this trend to gauge the health and trajectory of the legal services sector in Massachusetts, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published on a regular schedule, but may be subject to revision as more complete information becomes available.
Related Trends
Gross Domestic Product: Educational Services (61) in Massachusetts
MAEDCATNQGSP
Per Capita Personal Consumption Expenditures: Services: Health Care for Massachusetts
MAPCEPCHLTHCARE
All Employees: Manufacturing: Durable Goods: Navigational, Measuring, Electromedical, and Control Instruments Manufacturing in Massachusetts
SMU25000003133450001
Per Capita Personal Consumption Expenditures: Services: Housing and Utilities for Massachusetts
MAPCEPCHOUSUTL
Real Gross Domestic Product: Water Transportation (483) in Massachusetts
MAWATTRANRGSP
Business Applications: Total for All NAICS in Massachusetts
BABATOTALSAMA
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in Massachusetts (MALEGALRGSP), retrieved from FRED.