Gross Domestic Product: Legal Services (5411) in Maryland
MDLEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,470.40
Year-over-Year Change
54.67%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Legal Services (5411) in Maryland trend measures the economic output of the legal services industry in the state. This data is important for analyzing the health and contributions of the professional services sector to the overall state 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 gross domestic product originating in the legal services industry (NAICS code 5411) within the state of Maryland. It is a key indicator of the scale and growth of the legal services sector, which is a significant component of the state's professional and business services industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its state-level GDP by industry accounts.
Historical Context
Policymakers and economic analysts use this data to understand the role of the legal services industry in Maryland's economy and economic development.
Key Facts
- Maryland's legal services GDP was $10.5 billion in 2021.
- The legal services industry accounts for 2.4% of Maryland's total GDP.
- GDP from legal services in Maryland has grown by 16% since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) originating in the legal services industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: The legal services industry is an important component of Maryland's professional services sector, and this data provides insight into the scale and performance of this industry within the state'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 state-level GDP by industry accounts.
Q: How is this trend used in economic policy?
A: Policymakers and economic analysts use this data to understand the role of the legal services industry in Maryland's economic development and make informed decisions about supporting the professional services sector.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of approximately one year, so the most recent data point may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in Maryland (MDLEGALNGSP), retrieved from FRED.