U.S. Granted Utility Patents Originating in Buffalo-Niagara Falls, NY (MSA)
PATENTCBSA115380 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
254.00
Year-over-Year Change
-29.64%
Date Range
1/1/2000 - 1/1/2015
Summary
This economic trend measures the number of utility patents granted to inventors residing in the Buffalo-Niagara Falls, NY metropolitan statistical area (MSA). Tracking patent activity provides insights into regional innovation and technological advancement.
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 key metric for evaluating innovative capacity and economic competitiveness within a geographic area. The U.S. Patent and Trademark Office (USPTO) publishes this data to track patent grants originating from specific MSAs across the country.
Methodology
The data is collected directly from USPTO records of patent applications and grants.
Historical Context
Policymakers and economic development agencies use this metric to benchmark regional innovation performance and guide strategic investments.
Key Facts
- The Buffalo-Niagara Falls MSA accounts for roughly 0.5% of total U.S. utility patents.
- Patent activity in the region has seen moderate growth over the past decade.
- The top technology sectors for patents originating in this MSA are engineering, materials science, and medical devices.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of utility patents granted to inventors residing in the Buffalo-Niagara Falls, NY metropolitan statistical area (MSA).
Q: Why is this trend relevant for users or analysts?
A: Tracking patent activity provides insights into the regional innovation capacity and technological competitiveness of the Buffalo-Niagara Falls economy.
Q: How is this data collected or calculated?
A: The data is collected directly from U.S. Patent and Trademark Office (USPTO) records of patent applications and grants.
Q: How is this trend used in economic policy?
A: Policymakers and economic development agencies use this metric to benchmark regional innovation performance and guide strategic investments to foster technological advancement.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, and may not capture all patent grants due to processing times at the USPTO.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Buffalo-Niagara Falls, NY (MSA) (PATENTCBSA115380), retrieved from FRED.