Gross Domestic Product: Legal Services (5411) in Mississippi
MSLEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,304.10
Year-over-Year Change
38.16%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product (GDP) for the legal services industry (NAICS code 5411) in Mississippi measures the total economic output of this sector within the state. It is an important indicator of the legal industry's contribution to Mississippi'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 legal services GDP trend represents the total value added by the legal industry to Mississippi's overall economic production. It is used by economists, policymakers, and industry analysts to assess the size, growth, and competitiveness of the legal services sector within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its GDP by industry accounts.
Historical Context
This metric provides insight into the legal industry's role in Mississippi's economic landscape and can inform decisions around regulation, tax policy, and business development.
Key Facts
- The legal services industry accounts for about 2% of Mississippi's total GDP.
- Legal services GDP in Mississippi has grown by an average of 3.5% annually over the past decade.
- The state's legal services GDP reached a record high of $1.2 billion in 2021.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for the legal services industry in Mississippi measures the total economic output and value added by this sector within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the size, growth, and competitiveness of Mississippi's legal services industry, which is important for economic analysis, policy decisions, and business planning.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its GDP by industry accounts.
Q: How is this trend used in economic policy?
A: The legal services GDP trend in Mississippi can inform decisions around regulation, tax policy, and business development in the state's legal industry.
Q: Are there update delays or limitations?
A: The data is published quarterly by the BEA, with a lag of approximately three months from the end of the reference period.
Related Trends
Chain-Type Quantity Index for Real GDP: Real Estate and Rental and Leasing (53) in Mississippi
MSRERENTLEAQQGSP
Average Weekly Hours of All Employees: Private Service Providing in Mississippi
SMU28000000800000002A
Gross Domestic Product: Finance and Insurance (52) in Mississippi
MSFININSNQGSP
Chain-Type Quantity Index for Real GDP: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Mississippi
MSPRFRMSPRTMSMQGSP
Chain-Type Quantity Index for Real GDP: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in Mississippi
MSFRBCIQGSP
Real Gross Domestic Product: Private Goods-Producing Industries in Mississippi
MSPRIGOODPRORGSP
Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in Mississippi (MSLEGALNGSP), retrieved from FRED.