Gross Domestic Product: Legal Services (5411) in Louisiana
LALEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,320.60
Year-over-Year Change
49.42%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) contribution of the legal services industry (NAICS code 5411) in the state of Louisiana. It provides insight into the economic importance of the legal sector in 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
The Gross Domestic Product: Legal Services (5411) in Louisiana trend represents the total economic output or value-added by the legal services industry in Louisiana. This metric is used by economists and policymakers to analyze the relative size and growth of the legal services sector within the state's overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This trend is relevant for understanding the economic role of the legal industry and informing policy decisions that may impact the legal services sector in Louisiana.
Key Facts
- Louisiana's legal services industry contributed $5.3 billion to the state's GDP in 2021.
- The legal services sector accounts for approximately 2.2% of Louisiana's total economic output.
- Between 2015 and 2021, the GDP contribution of Louisiana's legal services industry grew by 12.8%.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the legal services industry (NAICS code 5411) in the state of Louisiana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic importance of the legal sector within Louisiana's overall economy, which is relevant for economists, policymakers, and businesses operating in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the role of the legal services industry in Louisiana's economy and inform policy decisions that may impact the legal services sector.
Q: Are there update delays or limitations?
A: The data is typically updated annually by the U.S. Bureau of Economic Analysis, and there may be a delay of several months between the end of the reporting period and the release of the latest data.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in Louisiana (LALEGALNGSP), retrieved from FRED.