U.S. Granted Patents: Utility Patents Originating in Michigan
PATENTUSMIUTILITY • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,493.00
Year-over-Year Change
116.72%
Date Range
1/1/1992 - 1/1/2020
Summary
The 'U.S. Granted Patents: Utility Patents Originating in Michigan' trend measures the number of utility patents granted by the U.S. Patent and Trademark Office that originated from the state of Michigan. This metric is closely watched by economists and policymakers to gauge innovation and competitiveness 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
Utility patents are a type of patent granted for new and useful inventions, and this series tracks the volume of such patents granted to Michigan-based inventors and companies. The data provides insights into the technological and commercial dynamism of the state's economy.
Methodology
The data is collected by the U.S. Patent and Trademark Office through its patent application and granting process.
Historical Context
This trend is used by economists, policymakers, and businesses to monitor Michigan's innovation capacity and competitiveness relative to other states and the national economy.
Key Facts
- Michigan ranked 6th among U.S. states for utility patents granted in 2021.
- The number of utility patents originating in Michigan has grown by 25% over the past decade.
- Michigan accounts for approximately 3.5% of total U.S. utility patents granted.
FAQs
Q: What does this economic trend measure?
A: The 'U.S. Granted Patents: Utility Patents Originating in Michigan' trend measures the number of utility patents granted by the U.S. Patent and Trademark Office that originated from the state of Michigan.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the technological and commercial dynamism of Michigan's economy, and is closely watched by economists and policymakers to gauge the state's innovation and competitiveness.
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: This trend is used by economists, policymakers, and businesses to monitor Michigan's innovation capacity and competitiveness relative to other states and the national economy.
Q: Are there update delays or limitations?
A: There may be some delays in the reporting of this data, as it is dependent on the patent application and granting process.
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Citation
U.S. Federal Reserve, U.S. Granted Patents: Utility Patents Originating in Michigan (PATENTUSMIUTILITY), retrieved from FRED.