Real Gross Domestic Product: Legal Services (5411) in the District of Columbia
DCLEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,893.20
Year-over-Year Change
-18.13%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the legal services industry (NAICS 5411) in the District of Columbia. It provides insights into the performance and economic contribution of the legal sector in the nation's capital.
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 the District of Columbia series tracks the inflation-adjusted economic output of the legal services industry within the District of Columbia. This metric is used by economists and policymakers to analyze the productivity and growth of the legal sector in the local economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator helps inform decisions related to the legal services industry, economic development, and policy in the District of Columbia.
Key Facts
- The legal services industry accounts for approximately 3.5% of DC's total GDP.
- Real GDP for DC's legal services sector grew by 2.8% in 2021.
- The District of Columbia has the highest concentration of legal services jobs in the United States.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the legal services industry (NAICS 5411) within the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the productivity and economic contribution of the legal sector in the nation's capital, informing decisions related to the industry, economic development, and policy in DC.
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 principles.
Q: How is this trend used in economic policy?
A: This economic indicator helps inform decisions related to the legal services industry, economic development, and policy in the District of Columbia.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis with a lag of several months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in the District of Columbia (DCLEGALRGSP), retrieved from FRED.