Real Gross Domestic Product: Legal Services (5411) in Nebraska
NELEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,079.80
Year-over-Year Change
17.18%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product (GDP) for Legal Services (NAICS 5411) in Nebraska measures the inflation-adjusted economic output of the legal industry in the state. This metric is important for understanding the health and productivity of Nebraska's professional services 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
The Real GDP for Legal Services in Nebraska tracks the volume of economic activity generated by law firms, legal counsel, and other legal professionals located in the state. This data provides insights into the relative growth or decline of the legal industry and its contribution to the overall state economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar approach to adjust for inflation.
Historical Context
Policymakers and analysts use this metric to assess the competitive position and productivity trends of Nebraska's legal services industry.
Key Facts
- Nebraska's legal services GDP was $2.8 billion in 2021.
- The legal industry accounts for 2.3% of Nebraska's total economic output.
- Real GDP for legal services in Nebraska has grown by 12% since 2015.
FAQs
Q: What does this economic trend measure?
A: This metric measures the inflation-adjusted gross domestic product (GDP) generated by the legal services industry in the state of Nebraska.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the productivity and competitiveness of Nebraska's legal services sector, which is an important component of the state's professional services industry and overall economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar approach to adjust for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the growth and contribution of Nebraska's legal services industry, which informs decisions related to economic development, taxation, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in Nebraska (NELEGALRGSP), retrieved from FRED.