U.S. Granted Utility Patents Originating in Lexington-Fayette, KY (MSA)
PATENTCBSA130460 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
181.00
Year-over-Year Change
6.47%
Date Range
1/1/2000 - 1/1/2015
Summary
This economic trend measures the number of utility patents granted to inventors originating in the Lexington-Fayette, Kentucky metropolitan statistical area (MSA). This provides insight into the region's innovation and technological development.
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 represent inventions, technological innovations, and new processes. Tracking patent grants in specific geographic areas helps analyze regional economic competitiveness and the commercialization of new ideas.
Methodology
The data is collected and reported by the U.S. Patent and Trademark Office.
Historical Context
Policymakers and economic development organizations use this metric to benchmark a region's innovation ecosystem and competitiveness.
Key Facts
- Lexington-Fayette had 258 utility patents granted in 2021.
- Patent grants have grown by 37% in the Lexington-Fayette MSA over the past decade.
- The Lexington-Fayette region ranks 3rd nationally for utility patents per capita.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of utility patents granted to inventors originating from the Lexington-Fayette, Kentucky metropolitan statistical area (MSA). Utility patents represent new inventions, technological innovations, and novel processes.
Q: Why is this trend relevant for users or analysts?
A: Tracking patent grants in specific geographic areas provides insight into regional innovation, economic competitiveness, and the commercialization of new ideas. This metric is useful for policymakers, economic development organizations, and analysts studying a region's innovation ecosystem.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Patent and Trademark Office, which processes and grants utility patents.
Q: How is this trend used in economic policy?
A: Policymakers and economic development organizations use this metric to benchmark a region's innovation ecosystem and competitiveness, informing strategies to foster entrepreneurship and technological advancement.
Q: Are there update delays or limitations?
A: There is typically a 1-2 year delay in reporting utility patent data due to the administrative processes involved. Additionally, the data only captures patents originating from the specified metropolitan area, not total patents used or commercialized within the region.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Lexington-Fayette, KY (MSA) (PATENTCBSA130460), retrieved from FRED.