U.S. Granted Utility Patents Originating in Palm Bay-Melbourne-Titusville, FL (MSA)
PATENTCBSA137340 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
450.00
Year-over-Year Change
53.58%
Date Range
1/1/2000 - 1/1/2015
Summary
This economic trend measures the number of utility patents originating in the Palm Bay-Melbourne-Titusville, FL metropolitan statistical area (MSA). It provides insight into innovation and technological development in this region.
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 or improvements on existing technologies. This data series tracks the number of utility patents granted to inventors based in the Palm Bay-Melbourne-Titusville, FL MSA, offering a proxy for technological innovation and research and development activity in the region.
Methodology
The data is collected by the U.S. Patent and Trademark Office and aggregated by metropolitan statistical area.
Historical Context
This metric is used by economists, policymakers, and local development agencies to assess the innovative capacity and competitiveness of regional economies.
Key Facts
- Palm Bay-Melbourne-Titusville, FL had 302 utility patents granted in 2021.
- Utility patents account for over 90% of all patents granted in the U.S.
- The Palm Bay-Melbourne-Titusville MSA is home to several high-tech companies and research facilities.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of utility patents originating in the Palm Bay-Melbourne-Titusville, FL metropolitan statistical area. Utility patents are granted for new and useful inventions or improvements on existing technologies.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the level of innovation and technological development in the Palm Bay-Melbourne-Titusville region, which is useful for economists, policymakers, and local development agencies assessing the competitiveness of the regional economy.
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: This metric is used by economists, policymakers, and local development agencies to assess the innovative capacity and competitiveness of the Palm Bay-Melbourne-Titusville regional economy, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: There may be lags in the data due to the time required to process and aggregate patent applications by metropolitan area. Additionally, the data only captures utility patents and does not include other types of patents, such as design or plant patents.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Palm Bay-Melbourne-Titusville, FL (MSA) (PATENTCBSA137340), retrieved from FRED.