Gross Domestic Product: Legal Services (5411) in Ohio
OHLEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,322.50
Year-over-Year Change
67.90%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Legal Services (5411) in Ohio trend measures the economic output of the legal services industry in the state. This metric is important for understanding regional economic activity and industry-specific trends.
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 Ohio. It provides insight into the performance and contribution of the legal sector to the overall Ohio economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
Policymakers and analysts use this data to evaluate the economic health and competitiveness of Ohio's legal services industry.
Key Facts
- Ohio's legal services GDP was $18.2 billion in 2021.
- The legal industry accounts for 2.1% of Ohio's total economic output.
- GDP in Ohio's legal services sector grew by 3.4% in 2021.
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 Ohio.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the performance and economic contribution of Ohio's legal services sector, which is important for understanding regional economic activity and industry-specific trends.
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 frameworks.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to evaluate the economic health and competitiveness of Ohio's legal services industry, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: There may be delays of several months in the release of this data by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in Ohio (OHLEGALNGSP), retrieved from FRED.