USPTO issues third edition of its “Intellectual Property and the U.S. Economy” report
The U.S. Patent and Trademark Office (USPTO) has released the latest edition of its report that highlights the economic contributions of industries that make greater use of intellectual property (IP) protection, including patents, trademarks, and copyrights.
The report, titled “Intellectual Property and the U.S. Economy: Third edition,” can be found at this link. It noted that in 2019, 127 IP-intensive industries in sectors such as manufacturing; wholesale and retail trade; and professional, technical, management, and administrative services accounted for $7.8 trillion in U.S. gross domestic product (GDP), or 41 percent of total GDP. Direct employment in these industries accounted for 47.2 million jobs in 2019, or 33 percent of total U.S. employment. Indirect employment — jobs created in other industries that depend at least partially on final sales in IP-intensive industries — accounted for an additional 11 percent of U.S. employment.
“Intellectual property protection is vital for American innovation and entrepreneurship,” said U.S. Secretary of Commerce Gina Raimondo. “This report underscores the key benefits associated with a strong intellectual property system and reinforces the Biden administration’s commitment to expanding our innovation economy by ensuring that more Americans have equitable access to the goods, services, and quality jobs that stem from American innovation. Employees working in IP-intensive industries are more likely to earn higher wages compared to non-IP-intensive industries. IP protection isn’t just good for American businesses, it’s good for American workers.”
The report found a substantial wage premium for workers in IP-intensive industries, with average weekly earnings 60 percent higher than those that are received by workers in other industries. States in the Northeast, Mid-Atlantic, Upper Midwest, and West Coast regions generally had the highest concentrations of workers in IP-intensive industries.