Gross Domestic Product: Legal Services (5411) in North Carolina
NCLEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,348.50
Year-over-Year Change
92.90%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Legal Services (5411) in North Carolina measures the total economic output of the legal services industry in the state. This metric is important for economists and policymakers to analyze the health and productivity of the legal 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 data series represents the real GDP, adjusted for inflation, generated by the legal services industry (NAICS code 5411) located in the state of North Carolina. It provides insights into the size and growth of this key professional services sector within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using state-level GDP statistics.
Historical Context
Trends in legal services GDP are closely monitored by economists, investors, and policymakers to gauge business activity, regulatory impacts, and broader economic conditions.
Key Facts
- North Carolina is home to over 25,000 legal services firms.
- The legal services industry accounts for over 2% of North Carolina's total GDP.
- Real GDP in North Carolina's legal sector has grown by 20% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This data series measures the real gross domestic product (GDP) generated by the legal services industry (NAICS 5411) within the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: Tracking the GDP of the legal services sector provides valuable insights into the productivity and growth of this key professional services industry within the North Carolina 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 state-level GDP statistics.
Q: How is this trend used in economic policy?
A: Economists, investors, and policymakers monitor trends in legal services GDP to gauge business activity, regulatory impacts, and broader economic conditions in North Carolina.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in North Carolina (NCLEGALNGSP), retrieved from FRED.