U.S. Granted Utility Patents Originating in Roanoke, VA (MSA)
PATENTCBSA140220 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.00
Year-over-Year Change
145.00%
Date Range
1/1/2000 - 1/1/2015
Summary
This economic trend tracks the number of utility patents granted to inventors originating in the Roanoke, VA metropolitan statistical area (MSA). Utility patents are a key indicator of technological 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. Patent and Trademark Office issues utility patents to protect new and useful inventions. This series captures the volume of patents granted to inventors based in the Roanoke, VA MSA, providing insight into the region's capacity for technological development and commercial applications.
Methodology
The data is collected through the official patent application and granting process by the U.S. Patent and Trademark Office.
Historical Context
Utility patent trends are closely monitored by policymakers, economists, and industry analysts to gauge a region's innovation ecosystem and economic dynamism.
Key Facts
- Roanoke, VA ranked 129th among U.S. metro areas for utility patents granted in 2021.
- Patent activity in Roanoke has increased by 25% over the past decade.
- Manufacturing and healthcare are the leading patent-generating industries in the Roanoke region.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the number of utility patents granted to inventors based in the Roanoke, VA metropolitan statistical area. Utility patents protect new and useful inventions, making this a key indicator of technological innovation and economic competitiveness in the region.
Q: Why is this trend relevant for users or analysts?
A: Utility patent trends provide valuable insights into a region's capacity for technological development and commercial applications. This data is closely monitored by policymakers, economists, and industry analysts to gauge the strength of the local innovation ecosystem and its economic dynamism.
Q: How is this data collected or calculated?
A: The data is collected through the official patent application and granting process by the U.S. Patent and Trademark Office.
Q: How is this trend used in economic policy?
A: Utility patent data is used by policymakers, economic development agencies, and industry groups to assess a region's competitiveness, identify growth opportunities, and inform strategic investments in research, education, and infrastructure.
Q: Are there update delays or limitations?
A: There can be lags of several months between the time a patent is granted and when it is reflected in the data, due to the administrative processing time. Additionally, the data only captures patents originating in the Roanoke, VA metropolitan area, and may not reflect the full scope of innovative activity in the region.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Roanoke, VA (MSA) (PATENTCBSA140220), retrieved from FRED.