Gross Domestic Product: Legal Services (5411) in Pennsylvania
PALEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15,209.00
Year-over-Year Change
51.91%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Legal Services (5411) in Pennsylvania measures the economic output of the legal services industry in the state. This metric is important for economists and policymakers to understand trends in a key professional service 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 data series tracks the gross domestic product, or total economic output, generated by the legal services industry (NAICS code 5411) within the state of Pennsylvania. It provides insight into the relative size and performance of this sector compared to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of government and private data sources.
Historical Context
Monitoring the GDP of legal services helps policymakers and analysts assess the health and competitiveness of Pennsylvania's professional services industry.
Key Facts
- Pennsylvania's legal services GDP was $16.8 billion in 2021.
- The legal industry accounts for 2.4% of Pennsylvania's total economic output.
- Legal services GDP in Pennsylvania has grown by 14% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This data series measures the gross domestic product, or total economic output, generated by the legal services industry (NAICS code 5411) within the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: Monitoring the GDP of legal services helps policymakers and analysts assess the health and competitiveness of Pennsylvania's professional services industry, which is an important driver of 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 a variety of government and private data sources.
Q: How is this trend used in economic policy?
A: Analysts and policymakers can use this data to evaluate the strength of Pennsylvania's professional services sector and inform decisions around economic development, workforce training, and industry regulation.
Q: Are there update delays or limitations?
A: The GDP data for legal services in Pennsylvania is published on a quarterly basis with a lag of several months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in Pennsylvania (PALEGALNGSP), retrieved from FRED.