U.S. Granted Utility Patents Originating in Springfield, OH (MSA)
PATENTCBSA144220 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16.00
Year-over-Year Change
-11.11%
Date Range
1/1/2000 - 1/1/2015
Summary
This economic trend measures the number of utility patents granted to inventors residing in the Springfield, OH metropolitan statistical area (MSA). It serves as an indicator of innovation and technological progress in the local 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 are a key metric of inventive activity and technological advancement. The number of patents granted to a region reflects its ability to generate new ideas, attract talent, and commercialize innovations. This data provides insights into the innovative capacity and competitiveness of the Springfield, OH MSA.
Methodology
The data is collected and reported by the U.S. Patent and Trademark Office.
Historical Context
Policymakers and economic development agencies use this metric to assess a region's innovation ecosystem and guide investments in research, education, and entrepreneurship.
Key Facts
- Utility patents represent inventions, new processes, and technological advancements.
- The Springfield, OH MSA ranked 174th among U.S. metropolitan areas for utility patents in 2021.
- Trends in utility patents can signal a region's competitiveness and growth potential.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of utility patents granted to inventors residing in the Springfield, OH metropolitan statistical area (MSA). Utility patents represent new inventions, processes, and technological advancements.
Q: Why is this trend relevant for users or analysts?
A: Trends in utility patents are an important indicator of a region's innovative capacity, technological progress, and economic competitiveness. This data provides insights that can inform economic development strategies and policies.
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 agencies use this metric to assess a region's innovation ecosystem and guide investments in research, education, and entrepreneurship to foster technological progress and economic growth.
Q: Are there update delays or limitations?
A: The data is published with a lag, as it takes time for patent applications to be processed and granted. There may also be limitations in capturing all inventors' locations, especially for large corporations or multi-inventor patents.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Springfield, OH (MSA) (PATENTCBSA144220), retrieved from FRED.