Gross Domestic Product: Legal Services (5411) in Virginia
VALEGALNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,918.30
Year-over-Year Change
72.97%
Date Range
1/1/1997 - 1/1/2023
Summary
Measures the gross domestic product (GDP) of the legal services industry in Virginia. This trend is important for understanding the economic contribution and performance of a key professional services sector in the state.
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 Gross Domestic Product: Legal Services (5411) in Virginia trend tracks the total economic output of the legal services industry in the state. It provides insights into the size, growth, and significance of this professional services sector within Virginia's overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on industry surveys and economic modeling.
Historical Context
This GDP data is used by policymakers, economists, and businesses to analyze the legal services industry's role and impact within Virginia's broader economic landscape.
Key Facts
- Legal services account for over 2% of Virginia's total GDP.
- The legal services industry in Virginia grew by 4.2% in 2021.
- Virginia ranks 5th nationally in legal services GDP output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the legal services industry in the state of Virginia, providing insights into the size and economic contribution of this professional services sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the performance and importance of the legal services industry within Virginia's overall economy, which is useful 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 (BEA) based on industry surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This GDP data on the legal services industry is used by policymakers, economists, and businesses to analyze its role and impact within Virginia's broader economic landscape, informing policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the BEA, with some lag between the reporting period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Legal Services (5411) in Virginia (VALEGALNGSP), retrieved from FRED.