U.S. Granted Utility Patents Originating in Champaign-Urbana, IL (MSA)
PATENTCBSA116580 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
166.00
Year-over-Year Change
147.76%
Date Range
1/1/2000 - 1/1/2015
Summary
This economic trend measures the number of utility patents granted to inventors originating in the Champaign-Urbana, IL metropolitan statistical area (MSA). It serves as an indicator of local innovation and technological development.
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 measure of technological innovation and R&D activity. The Champaign-Urbana MSA, home to the University of Illinois and numerous tech companies, is an important center of innovation, and tracking patent grants provides insights into the local economy's technological capabilities.
Methodology
The data is collected and reported by the U.S. Patent and Trademark Office.
Historical Context
Policymakers and economic development agencies use this metric to evaluate the innovation ecosystem and competitiveness of the Champaign-Urbana region.
Key Facts
- Champaign-Urbana is home to the University of Illinois, a leading research institution.
- The region has a thriving tech industry, including companies in software, biotechnology, and engineering.
- Patent grants are an important indicator of technological competitiveness 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 Champaign-Urbana, IL metropolitan statistical area (MSA).
Q: Why is this trend relevant for users or analysts?
A: Tracking patent grants in the Champaign-Urbana region provides insights into the local innovation ecosystem and technological competitiveness, which are crucial for economic development and policymaking.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Patent and Trademark Office.
Q: How is this trend used in economic policy?
A: Policymakers and economic development agencies use this metric to evaluate the innovation capabilities and competitiveness of the Champaign-Urbana region, informing decisions on investment, talent attraction, and supportive policies.
Q: Are there update delays or limitations?
A: There may be delays in the reporting of patent data, as the process of granting and recording patents can take time.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Champaign-Urbana, IL (MSA) (PATENTCBSA116580), retrieved from FRED.