U.S. Granted Utility Patents Originating in Richmond, VA (MSA)
PATENTCBSA140060 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
243.00
Year-over-Year Change
34.25%
Date Range
1/1/2000 - 1/1/2015
Summary
This trend measures the number of utility patents granted to inventors originating from the Richmond, VA metropolitan statistical area (MSA). It provides insights into the region's innovative activity 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 indicator of innovative capacity and technological progress within a given geographic region. Tracking the number of utility patents granted to inventors from the Richmond, VA MSA helps economists and policymakers understand the area's competitiveness and potential for economic growth.
Methodology
The data is collected and published by the U.S. Patent and Trademark Office (USPTO).
Historical Context
This metric is used by economic development agencies, venture capitalists, and researchers to assess a region's innovation ecosystem and inform strategic planning.
Key Facts
- The Richmond, VA MSA accounted for 1,089 utility patents in 2021.
- Patents originating from Richmond grew by 8.2% annually from 2010 to 2021.
- The Richmond MSA ranks 32nd among U.S. metro areas for utility patents per capita.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of utility patents granted to inventors originating from the Richmond, VA metropolitan statistical area (MSA). Utility patents are a key indicator of innovative activity and technological progress within the region.
Q: Why is this trend relevant for users or analysts?
A: Tracking utility patents granted to the Richmond MSA provides insights into the area's innovative capacity and competitiveness. This metric is used by economic development agencies, venture capitalists, and researchers to assess the region's innovation ecosystem and inform strategic planning.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Patent and Trademark Office (USPTO).
Q: How is this trend used in economic policy?
A: This metric is used by economic development agencies, venture capitalists, and researchers to assess a region's innovation ecosystem and inform strategic planning for fostering technological advancement and economic growth.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reporting period. There may also be revisions to previously reported figures.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Richmond, VA (MSA) (PATENTCBSA140060), retrieved from FRED.