U.S. Granted Utility Patents Originating in Rochester, NY (MSA)
PATENTCBSA140380 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,217.00
Year-over-Year Change
-13.75%
Date Range
1/1/2000 - 1/1/2015
Summary
This economic trend measures the number of utility patents granted to inventors originating in the Rochester, NY metropolitan statistical area (MSA). It provides insights into the innovative capacity and technological development within this regional economy.
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 represent inventions or technological advancements that meet specific legal requirements. Tracking patents granted to a specific geographic area, like the Rochester MSA, can indicate the region's competitiveness in research, development, and commercialization of new technologies.
Methodology
The data is collected and reported by the U.S. Patent and Trademark Office.
Historical Context
This trend is used by policymakers, economic development agencies, and market analysts to evaluate the innovation ecosystem and technological strengths of the Rochester regional economy.
Key Facts
- Rochester, NY ranks among the top 20 U.S. metropolitan areas for utility patents granted.
- Patent activity in Rochester is dominated by the optics, imaging, and medical device industries.
- The number of utility patents originating in Rochester has grown by over 50% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of utility patents granted to inventors originating in the Rochester, NY metropolitan statistical area. Utility patents represent new inventions or technological advancements.
Q: Why is this trend relevant for users or analysts?
A: Tracking utility patents by geographic region provides insights into the innovative capacity and technological development of a local economy. This is useful for policymakers, economic development agencies, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Patent and Trademark Office.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economic development agencies, and market analysts to evaluate the innovation ecosystem and technological strengths of the Rochester regional economy.
Q: Are there update delays or limitations?
A: There may be a delay of several months between when patents are granted and when the data is reported and published.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Rochester, NY (MSA) (PATENTCBSA140380), retrieved from FRED.