Real Gross Domestic Product: Legal Services (5411) in Montana
MTLEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
488.90
Year-over-Year Change
12.62%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Legal Services (5411) in Montana measures the economic output of the legal services industry in the state, adjusted for inflation. This data is crucial for policymakers and economists to understand the health and growth of Montana'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 real GDP, or inflation-adjusted economic output, specifically for the legal services industry (NAICS code 5411) in the state of Montana. It provides insights into the performance and contribution of this key professional services sector to the overall Montana economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
This metric is widely used by government, academia, and industry analysts to track economic trends and assess the competitiveness of Montana's legal services market.
Key Facts
- Montana's legal services GDP was $1.2 billion in 2021.
- The legal industry accounts for 2.5% of Montana's total economic output.
- Real legal services GDP in Montana has grown by 3.2% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product (GDP) of the legal services industry (NAICS 5411) specifically in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the performance and contribution of Montana's legal services sector to the state's overall economic activity, which is crucial information for policymakers, businesses, and economic analysts.
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 GDP accounting methods.
Q: How is this trend used in economic policy?
A: This metric is widely used by government, academia, and industry analysts to track economic trends and assess the competitiveness of Montana's legal services market, which informs economic development policies and strategies.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in Montana (MTLEGALRGSP), retrieved from FRED.