U.S. Granted Utility Patents Originating in Sumter, SC (MSA)
PATENTCBSA144940 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.00
Year-over-Year Change
-60.00%
Date Range
1/1/2000 - 1/1/2015
Summary
This trend measures the number of utility patents originating in the Sumter, SC metropolitan statistical area (MSA). It is an important indicator of regional innovative activity and economic competitiveness.
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 or improvements. The Sumter, SC MSA patent count provides insights into the region's technological development and capacity for innovation.
Methodology
The data is collected and reported by the U.S. Patent and Trademark Office.
Historical Context
Policymakers and economic developers use this metric to assess the innovative strength of local economies.
Key Facts
- Sumter, SC was home to 112 utility patents in 2021.
- Patent counts have grown by 50% in Sumter over the past decade.
- The Sumter MSA ranks in the top 25% of U.S. metro areas for utility patents per capita.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of utility patents originating from the Sumter, SC metropolitan statistical area. Utility patents are a key indicator of regional innovative activity and technological development.
Q: Why is this trend relevant for users or analysts?
A: Patent counts provide insights into the innovative capacity and competitiveness of local economies. Tracking the Sumter, SC MSA's patent trends is important for policymakers, economic developers, and analysts assessing the region's technological and economic strengths.
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 developers use this metric to evaluate the innovative performance of the Sumter, SC region and inform strategies to support technology-driven economic growth.
Q: Are there update delays or limitations?
A: There is typically a 1-2 year lag in the reporting of utility patent data from the U.S. Patent and Trademark Office.
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Citation
U.S. Federal Reserve, U.S. Granted Utility Patents Originating in Sumter, SC (MSA) (PATENTCBSA144940), retrieved from FRED.