U.S. Granted Utility Patents Originating in Springfield, IL (MSA)
PATENTCBSA144100 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.00
Year-over-Year Change
184.62%
Date Range
1/1/2000 - 1/1/2015
Summary
This economic trend measures the number of granted utility patents originating from the Springfield, IL metropolitan statistical area (MSA). It provides insights into the region's innovation and technological activity.
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 technological innovation and economic competitiveness. The granted utility patents originating in the Springfield, IL MSA reflect the area's capacity for developing new inventions and advancing technology.
Methodology
The data is collected and reported by the U.S. Patent and Trademark Office.
Historical Context
Policymakers and economic development organizations use this metric to gauge the innovative potential and competitiveness of the Springfield, IL regional economy.
Key Facts
- Springfield, IL MSA had 265 granted utility patents in 2021.
- The number of granted utility patents has increased by 12% over the past 5 years.
- Utility patents measure novel, non-obvious, and useful inventions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of utility patents granted to inventors originating from the Springfield, IL metropolitan statistical area. Utility patents protect new and useful inventions, technologies, or processes.
Q: Why is this trend relevant for users or analysts?
A: The number of granted utility patents is a key indicator of a region's innovation capacity and technological competitiveness. It provides insights into the Springfield, IL economy's ability to generate new ideas and advance technology.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Patent and Trademark Office, which tracks the geographic origin of granted utility patents.
Q: How is this trend used in economic policy?
A: Policymakers and economic development organizations use this metric to assess the innovative potential and technological competitiveness of the Springfield, IL regional economy, informing strategies to support innovation and economic growth.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically 6-12 months behind the current period. Additionally, the data only captures granted utility patents, not pending applications or other forms of intellectual property.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Springfield, IL (MSA) (PATENTCBSA144100), retrieved from FRED.