U.S. Granted Utility Patents Originating in Minneapolis-St. Paul-Bloomington, MN-WI (MSA)
PATENTCBSA133460 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,419.00
Year-over-Year Change
34.61%
Date Range
1/1/2000 - 1/1/2015
Summary
This economic trend measures the number of utility patents granted to inventors and organizations located in the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan statistical area (MSA). Patents are a key indicator of innovation and technological progress within a regional economy.
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 intellectual property right granted by the U.S. Patent and Trademark Office for new and useful inventions. This metric tracks the volume of successful patent applications originating from the Minneapolis-St. Paul-Bloomington MSA, providing insights into the area's innovative capacity and technological leadership.
Methodology
The data is collected and reported by the U.S. Patent and Trademark Office.
Historical Context
Policymakers and economic development agencies often use patent trends to evaluate a region's competitiveness and investment in research and development.
Key Facts
- Minneapolis-St. Paul-Bloomington MSA ranked 7th nationally for utility patents in 2021.
- Patents granted in this MSA increased by 12% from 2020 to 2021.
- The top patenting industries in this region are medical devices, software, and machinery.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of utility patents granted to inventors and organizations located in the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan statistical area (MSA).
Q: Why is this trend relevant for users or analysts?
A: Patents are a key indicator of innovation and technological progress within a regional economy, providing insights into a region's competitive strengths and capacity for research and development.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Patent and Trademark Office.
Q: How is this trend used in economic policy?
A: Policymakers and economic development agencies often use patent trends to evaluate a region's competitiveness and guide investments in research and innovation.
Q: Are there update delays or limitations?
A: The patent data is subject to a reporting lag, with the most recent full-year data typically available 6-12 months after the end of the calendar year.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Minneapolis-St. Paul-Bloomington, MN-WI (MSA) (PATENTCBSA133460), retrieved from FRED.