U.S. Granted Patents: Total Patents Originating in Michigan
PATENTUSMITOTAL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,478.00
Year-over-Year Change
108.71%
Date Range
1/1/1992 - 1/1/2020
Summary
The 'U.S. Granted Patents: Total Patents Originating in Michigan' trend measures the total number of patents granted by the U.S. Patent and Trademark Office that were filed by inventors residing in the state of Michigan. This metric is an important indicator of innovation and economic competitiveness within the state.
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 patent data provides insights into the level of research, development, and invention activity occurring in Michigan. Tracking patent trends can help policymakers and economic analysts assess the state's innovative capacity and identify areas for targeted investment and support.
Methodology
The data is collected by the U.S. Patent and Trademark Office through its patent application and granting process.
Historical Context
Policymakers and business leaders often use patent data to benchmark Michigan's innovation performance relative to other states and guide economic development strategies.
Key Facts
- Michigan ranked 8th among U.S. states for total patents granted in 2021.
- Patent activity in Michigan has grown by 25% over the past decade.
- The automotive and advanced manufacturing sectors account for the majority of Michigan's patented inventions.
FAQs
Q: What does this economic trend measure?
A: The 'U.S. Granted Patents: Total Patents Originating in Michigan' trend measures the total number of patents granted by the U.S. Patent and Trademark Office that were filed by inventors residing in the state of Michigan.
Q: Why is this trend relevant for users or analysts?
A: This patent data provides insights into the level of research, development, and invention activity occurring in Michigan, which is an important indicator of the state's economic competitiveness and innovative capacity.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Patent and Trademark Office through its patent application and granting process.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders often use patent data to benchmark Michigan's innovation performance relative to other states and guide economic development strategies.
Q: Are there update delays or limitations?
A: The patent data is published with a lag, and there may be differences in the timing of when patents are filed, granted, and reported in the data.
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Citation
U.S. Federal Reserve, U.S. Granted Patents: Total Patents Originating in Michigan (PATENTUSMITOTAL), retrieved from FRED.