Gross Domestic Product: Legal Services (5411) in Maine
MELEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
887.70
Year-over-Year Change
70.51%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Legal Services (5411) in Maine measures the economic output of the legal services industry in the state. This metric is important for policymakers and analysts to track the health and growth of Maine's legal sector.
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 inflation-adjusted value added by the legal services industry (NAICS code 5411) to Maine's gross domestic product. It serves as a key indicator of the legal services sector's economic performance and contribution to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is used by economists, policymakers, and industry analysts to assess the economic conditions and outlook for Maine's legal services market.
Key Facts
- Maine's legal services industry contributed $1.8 billion to state GDP in 2021.
- The legal services sector accounts for 2.3% of Maine's total economic output.
- GDP for Maine's legal services has grown by 15% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted value added by the legal services industry (NAICS code 5411) to Maine's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for policymakers and analysts to track the health and growth of Maine's legal sector, which is a key contributor to the state's overall economic performance.
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 trend is used by economists, policymakers, and industry analysts to assess the economic conditions and outlook for Maine's legal services market.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in Maine (MELEGALNGSP), retrieved from FRED.