Real Gross Domestic Product: Legal Services (5411) in Tennessee
TNLEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,643.10
Year-over-Year Change
29.38%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the legal services industry (NAICS code 5411) in the state of Tennessee. It provides important insights into the performance and contribution of the legal sector to the state's overall economic activity.
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 Tennessee series tracks the inflation-adjusted value added by the legal services industry to the state's GDP. This metric is widely used by economists and policymakers to analyze the health and productivity of the legal services sector within the broader state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Trends in the legal services GDP are closely monitored by state governments, industry associations, and market analysts to inform economic policies, investment decisions, and strategic planning.
Key Facts
- Legal services account for approximately 2% of Tennessee's total GDP.
- The legal services industry in Tennessee employs over 25,000 people.
- Real GDP for legal services in Tennessee has grown by 15% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) contribution of the legal services industry (NAICS code 5411) in the state of Tennessee.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and economic impact of the legal services sector within the Tennessee economy, which is valuable information for policymakers, industry stakeholders, and market analysts.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: Trends in the legal services GDP are closely monitored by state governments, industry associations, and market analysts to inform economic policies, investment decisions, and strategic planning.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in Tennessee (TNLEGALRGSP), retrieved from FRED.