U.S. Granted Utility Patents Originating in Bloomington-Normal, IL (MSA)
PATENTCBSA114060 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
74.00
Year-over-Year Change
131.25%
Date Range
1/1/2000 - 1/1/2015
Summary
This trend measures the number of utility patents granted to inventors originating in the Bloomington-Normal, IL metropolitan statistical area (MSA). It provides insight into regional innovation and technological progress.
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
Utility patents are a type of patent granted for new and useful inventions. This metric tracks the number of such patents originating from the Bloomington-Normal, IL MSA, which includes McLean County. It is used to analyze regional innovation capacity and competitiveness.
Methodology
The data is collected and published by the U.S. Patent and Trademark Office.
Historical Context
This trend is relevant for economic development agencies, policymakers, and businesses assessing regional innovation and competitiveness.
Key Facts
- Bloomington-Normal is home to Illinois State University and multiple high-tech firms.
- The Bloomington-Normal MSA had over 150 utility patents granted in 2021.
- Patent data is a leading indicator of regional innovation and economic dynamism.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of utility patents granted to inventors originating in the Bloomington-Normal, IL metropolitan statistical area.
Q: Why is this trend relevant for users or analysts?
A: Patent data provides insights into regional innovation capacity and technological progress, which are important for economic development and competitiveness analysis.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Patent and Trademark Office.
Q: How is this trend used in economic policy?
A: This trend is used by economic development agencies, policymakers, and businesses to assess regional innovation and competitiveness.
Q: Are there update delays or limitations?
A: The data is published with a short lag, typically within a few months of the reference period.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Bloomington-Normal, IL (MSA) (PATENTCBSA114060), retrieved from FRED.