Real Gross Domestic Product: Legal Services (5411) in Alabama
ALLEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,697.00
Year-over-Year Change
0.75%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Legal Services (5411) in Alabama measures the inflation-adjusted economic output of the legal services industry in the state. This metric is crucial for understanding productivity trends and the overall health of the Alabama 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
This series represents the real (inflation-adjusted) value-added output of the legal services industry (NAICS code 5411) in the state of Alabama. It is a key indicator of the sector's economic contribution and can be used to analyze industry performance over time.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry statistics.
Historical Context
Policymakers and analysts use this metric to assess the competitive position and productivity of Alabama's legal services sector.
Key Facts
- Alabama's legal services industry accounts for over $5 billion in real GDP annually.
- The sector has seen 3% average annual growth in real output over the past decade.
- Legal services make up about 2.5% of Alabama's total real GDP.
FAQs
Q: What does this economic trend measure?
A: This metric measures the inflation-adjusted economic output or value-added of the legal services industry (NAICS 5411) in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This indicator is crucial for understanding productivity and competitiveness trends within Alabama's legal services sector, which is an important part of the state's overall economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the performance and competitive position of Alabama's legal services industry, which informs economic development strategies.
Q: Are there update delays or limitations?
A: There is typically a 1-2 year lag in the availability of this data due to the time required for data collection and publication by government statistical agencies.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in Alabama (ALLEGALRGSP), retrieved from FRED.