U.S. Granted Patents: Utility Patents Originating in Utah
PATENTUSUTUTILITY • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,699.00
Year-over-Year Change
164.64%
Date Range
1/1/1992 - 1/1/2020
Summary
This economic trend measures the number of utility patents originating in the U.S. state of Utah. Utility patents are a key indicator of innovation and technological development within a 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
The U.S. Granted Patents: Utility Patents Originating in Utah trend tracks the volume of successful utility patent applications from inventors and companies based in Utah. Utility patents cover new and useful inventions, representing commercial and technological advances in the state.
Methodology
The data is collected by the U.S. Patent and Trademark Office through the patent application and examination process.
Historical Context
Policymakers and economic analysts use this metric to gauge Utah's innovation capacity and competitiveness compared to other states.
Key Facts
- Utah ranked 10th among U.S. states for utility patents in 2021.
- Patent activity has grown by 20% in Utah over the past 5 years.
- Computer hardware and software are Utah's leading patent categories.
FAQs
Q: What does this economic trend measure?
A: The U.S. Granted Patents: Utility Patents Originating in Utah trend tracks the volume of successful utility patent applications from inventors and companies based in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: Utility patents are a key indicator of innovation and technological development within a region, so this metric is useful for policymakers and economic analysts to gauge Utah's innovation capacity and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Patent and Trademark Office through the patent application and examination process.
Q: How is this trend used in economic policy?
A: Policymakers and economic analysts use this metric to evaluate Utah's innovation capacity and competitiveness compared to other states, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: There may be some delays in reporting due to the time required for patent applications to be processed and approved, but the data is generally released on a timely basis by the U.S. Patent and Trademark Office.
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Citation
U.S. Federal Reserve, U.S. Granted Patents: Utility Patents Originating in Utah (PATENTUSUTUTILITY), retrieved from FRED.