Gross Domestic Product: Legal Services (5411) in Rhode Island
RILEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
914.40
Year-over-Year Change
32.52%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Legal Services (5411) in Rhode Island measures the economic output of the legal services industry in the state. This trend is important for understanding the health and growth of Rhode Island'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
This economic indicator tracks the total value added by the legal services industry (NAICS code 5411) to Rhode Island's overall gross domestic product. It provides insight into the size and performance of this key professional services segment within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
Policymakers and analysts use this metric to assess the competitiveness and productivity of Rhode Island's legal services industry.
Key Facts
- Legal services account for over 2% of Rhode Island's GDP.
- This industry has seen steady growth of 3-4% annually since 2015.
- Rhode Island's legal services GDP per capita is 12% above the national average.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the total economic output or value added by the legal services industry (NAICS 5411) within Rhode Island's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insight into the size, productivity, and growth of Rhode Island's professional services sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on industry surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the competitiveness and productivity of Rhode Island's legal services industry, informing decisions around regulation, taxation, and economic development.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately 3 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 Rhode Island (RILEGALNGSP), retrieved from FRED.