Real Gross Domestic Product: Legal Services (5411) in Delaware
DELEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,876.90
Year-over-Year Change
30.95%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Legal Services (5411) in Delaware' trend measures the inflation-adjusted economic output of the legal services industry in the state of Delaware. This metric is important for policymakers and economists to assess the health and growth of a key professional services sector within the state's 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) gross domestic product originating from the legal services industry, specifically NAICS code 5411, within the state of Delaware. It provides a measure of the industry's economic contribution and can be used to analyze productivity, growth, and competitiveness trends over time.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional economic accounts.
Historical Context
Policymakers and industry analysts use this metric to monitor the performance and competitiveness of Delaware's legal services sector relative to other states and the broader U.S. economy.
Key Facts
- Delaware's legal services GDP was $4.6 billion in 2021.
- This industry accounts for over 3% of Delaware's total economic output.
- Legal services GDP in Delaware has grown by 15% since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product originating from the legal services industry in the state of Delaware.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for policymakers and economists to assess the health, growth, and competitiveness of a key professional services sector within Delaware's 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 its regional economic accounts.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to monitor the performance of Delaware's legal services sector relative to other states and the broader U.S. economy.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the statistical agency, and there may be lags of several months between the reference period and the most recent published estimates.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in Delaware (DELEGALRGSP), retrieved from FRED.