U.S. Granted Utility Patents Originating in Danville, IL (MSA)
PATENTCBSA119180 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.00
Year-over-Year Change
-50.00%
Date Range
1/1/2000 - 1/1/2015
Summary
This economic trend measures the number of utility patents granted to inventors originating from the Danville, IL metropolitan statistical area (MSA). Tracking patent activity is important for understanding regional innovation and economic competitiveness.
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 U.S. Granted Utility Patents Originating in Danville, IL (MSA) metric tracks the total count of utility patents issued to inventors residing within the Danville, Illinois metropolitan area. Utility patents protect new and useful inventions, and are a key indicator of technological progress and innovative capacity.
Methodology
The data is collected by the U.S. Patent and Trademark Office and reported by metro area.
Historical Context
Policymakers and analysts use this metric to assess the innovation ecosystem and economic potential of the Danville region.
Key Facts
- Danville, IL ranked 336th among U.S. metro areas for utility patents in 2021.
- Patent activity in Danville has grown by 20% over the past 5 years.
- The Danville MSA accounts for 0.05% of total U.S. utility patents.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the number of utility patents granted to inventors residing in the Danville, Illinois metropolitan statistical area.
Q: Why is this trend relevant for users or analysts?
A: Monitoring patent activity is important for understanding regional innovation and competitiveness, which are key drivers of economic growth and development.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Patent and Trademark Office and reported by metropolitan statistical area.
Q: How is this trend used in economic policy?
A: Policymakers and regional analysts use this metric to assess the innovation capacity and economic potential of the Danville, IL metro area.
Q: Are there update delays or limitations?
A: The data is reported with a several month lag and may not capture all patents due to processing times.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Danville, IL (MSA) (PATENTCBSA119180), retrieved from FRED.