U.S. Granted Patents: Total Patents Originating in Illinois
PATENTUSILTOTAL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,175.00
Year-over-Year Change
72.49%
Date Range
1/1/1992 - 1/1/2020
Summary
The 'U.S. Granted Patents: Total Patents Originating in Illinois' trend measures the total number of patents granted annually by the U.S. Patent and Trademark Office that originated from inventors located in the state of Illinois. This metric is an important economic indicator for innovation and technological development in the region.
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
This series tracks the volume of patent grants to Illinois-based inventors, which reflects the state's capacity for scientific research, technological advancement, and entrepreneurial activity. Policymakers and economic analysts use this data to assess Illinois' competitiveness and innovation landscape compared to other U.S. states.
Methodology
The data is collected and published by the U.S. Patent and Trademark Office based on the state of origin declared by patent applicants.
Historical Context
Patent activity is closely monitored by government agencies, industry groups, and market analysts as a barometer of a region's economic and technological dynamism.
Key Facts
- Illinois ranked 5th among U.S. states for total patents granted in 2021.
- Patent grants to Illinois inventors have increased by 23% over the past decade.
- The top patenting industries in Illinois include medical devices, software, and advanced manufacturing.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of patents granted annually by the U.S. Patent and Trademark Office that originated from inventors located in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: Patent activity is a key indicator of a region's innovation capacity, technological advancement, and economic competitiveness, making this data highly relevant for policymakers, industry analysts, and economic researchers.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Patent and Trademark Office based on the state of origin declared by patent applicants.
Q: How is this trend used in economic policy?
A: Government agencies, industry groups, and market analysts closely monitor patent activity as a barometer of a region's economic and technological dynamism, which informs policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the patent grant date and the publication of the data, and the figures do not account for patent applications that are still pending or have been denied.
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Citation
U.S. Federal Reserve, U.S. Granted Patents: Total Patents Originating in Illinois (PATENTUSILTOTAL), retrieved from FRED.