Real Gross Domestic Product: Legal Services (5411) in South Carolina
SCLEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,842.20
Year-over-Year Change
31.19%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the legal services industry in South Carolina. It provides insights into the performance and growth of this important sector of the state's economy.
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 Gross Domestic Product: Legal Services (5411) in South Carolina series tracks the inflation-adjusted output of the legal services industry in the state. It is a key indicator of the sector's economic contribution and can inform policy decisions and business strategies.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is widely used by economists, policymakers, and industry analysts to assess the health and competitiveness of South Carolina's legal services market.
Key Facts
- South Carolina's legal services industry contributed $4.2 billion to the state's GDP in 2021.
- The legal services sector accounts for over 2% of South Carolina's total economic output.
- Real GDP in legal services has grown by 15% in South Carolina over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the legal services industry in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and growth of South Carolina's legal services sector, which is an important contributor to the state's overall economic output.
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: Policymakers and economists use this metric to assess the health and competitiveness of South Carolina's legal services market, which can inform decisions related to regulation, workforce development, and economic development initiatives.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of a reporting period and the publication of the latest data, as is common with many economic indicators.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in South Carolina (SCLEGALRGSP), retrieved from FRED.