This indicator tracks the total number of utility patents (for “any novel, non-obvious, and useful machine, article of manufacture, composition of matter or process”) issued to residents and businesses in the Chicago region by the U.S. Patent and Trademark Office (USPTO). High levels of patenting generally indicate a talented regional workforce and businesses with a strong capacity to conduct research and development. These ideas can generate significant value. Prior analysis has found that U.S. workers in industries with higher than average levels of intellectual property and patenting earn significantly more than those in other industries do, despite no significant difference in education levels. At the same time, the invention of new products and services enhances the competitiveness of our region's industries. Patents can play a special role in encouraging innovation by granting inventors exclusive rights to use or license an invention for a set period of time. These rights help businesses capitalize on their investments in research and development and provide a competitive edge in the marketplace.
| Header | Definition |
|---|---|
YEAR |
Year of observation |
PATENTS_CHI |
Number of U.S. origin patents issued in the Chicago region |
PATENTS_USA |
Total number of U.S. origin patents issued nationally |
PCT_PATENTS_CHI |
Percentage of U.S. origin utility patents issued in the Chicago region (PATENTS_CHI / PATENTS_USA * 100) |
ACTUAL_OR_TARGET |
Actual if the record is from observed data; Target if it is an ON TO 2050 target |
Source: CMAP analysis of U.S. Patent and Trademark Office and PatentsView data
Geography: Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area