U.S. Granted Utility Patents Originating in Grand Forks, ND-MN (MSA)
PATENTCBSA124220 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14.00
Year-over-Year Change
180.00%
Date Range
1/1/2000 - 1/1/2015
Summary
This economic trend tracks the number of utility patents originating in the Grand Forks, ND-MN metropolitan statistical area (MSA). Utility patents reflect innovative activity and technological progress, which are key drivers of economic growth.
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 Grand Forks, ND-MN (MSA) series measures the total number of utility patents awarded to inventors and businesses located within the Grand Forks MSA. This data provides insight into the region's innovation capacity and competitiveness.
Methodology
The data is collected by the U.S. Patent and Trademark Office and aggregated by metropolitan area.
Historical Context
Policymakers and regional economic development organizations use this metric to benchmark innovation and target investments that foster technological advancement.
Key Facts
- Grand Forks, ND-MN MSA is home to the University of North Dakota, a major research institution.
- Utility patents represent about 90% of all patents issued in the U.S.
- Patent activity is a leading indicator of technological change and competitiveness.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of utility patents originating from the Grand Forks, ND-MN metropolitan area. Utility patents reflect innovative activity and technological advancements in the region.
Q: Why is this trend relevant for users or analysts?
A: Patent activity is a key indicator of innovative capacity and technological progress, which are important drivers of economic growth and competitiveness. This metric provides insights into the innovative ecosystem of the Grand Forks region.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Patent and Trademark Office and aggregated by metropolitan statistical area.
Q: How is this trend used in economic policy?
A: Policymakers and regional economic development organizations use this metric to benchmark innovation, identify areas for improvement, and target investments that foster technological advancement and economic growth.
Q: Are there update delays or limitations?
A: The data is subject to typical lags in patent application processing and publication, with a delay of several months between the grant of a patent and its inclusion in the reported statistics.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Grand Forks, ND-MN (MSA) (PATENTCBSA124220), retrieved from FRED.