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IP Contributes US$5 Trillion to US Economy
Issued: April 01 2012The US Commerce Department has released a comprehensive report, Intellectual Property and the US Economy: Industries in Focus, which finds that intellectual property-intensive industries support at least 40 million jobs and contribute more than US$5 trillion dollars to US gross domestic product.
“This first of its kind report shows that IP-intensive industries have a direct and significant impact on our nation’s economy and the creation of American jobs,” said Commerce secretary John Bryson. “When Americans know that their ideas will be protected, they have greater incentive to pursue advances and technologies that help keep us competitive, and our businesses have the confidence they need to hire more workers. That is why this Administration’s efforts to protect intellectual property, and modernize the patent and trademark system are so crucial to a 21st century economy that is built to last.”
While IP is used in virtually every segment of the US economy, the report identifies the 75 industries that use patent, copyright, or trademark protections most extensively. These “IP-intensive industries” are the source – directly or indirectly – of 40 million jobs, more than a quarter of all the jobs in this country. Some of the most IP-intensive industries include computer and peripheral equipment, audio and video equipment manufacturing, newspaper and book publishers, pharmaceutical and medicines, semiconductor and other electronic components, and the medical equipment space.
“Strong intellectual property protections encourage our businesses to pursue the next great idea, which is vital to maintaining America’s competitive edge and driving our overall prosperity,” said deputy Commerce secretary Rebecca Blank. “The report released today shows that wages for jobs in IP-intensive industries are higher than average and continue to increase, meaning that these jobs aren’t just important for businesses and entrepreneurs – they are important for working families. The IP protections we put in place today are helping support economic security for America’s middle class now and in the years to come.”
The report’s findings include:
• IP-intensive industries contributed US$5.06 trillion to the US economy, or 34.8% of GDP in 2010.
• 40 million jobs, or 27.7 percent of all jobs, were directly or indirectly attributable to the most IP-intensive industries in 2010.
• Between 2010 and 2011, the economic recovery led to a 1.6% increase in direct employment in IP intensive industries, faster than the 1.0% growth in non-IP-intensive industries.
• Merchandise exports of IPintensive industries totaled US$775 billion in 2010, accounting for 60.7% of total U.S. merchandise exports.
“Every job in some way, produces, supplies, consumes, or relies on innovation, creativity, and commercial distinctiveness,” said undersecretary of Commerce for intellectual property and USPTO director David Kappos. “America needs to continue investing in a high quality and appropriately balanced intellectual property system that will promote innovative, open, and competitive markets while helping to ensure that the US private sector remains America’s innovation engine.”
The report is a joint product of the US Commerce Department’s Economics and Statistics Administration and the US Patent and Trademark Office.
The Department of Commerce and USPTO are unleashing new innovations and new industries by advancing a robust framework of intellectual property protections for a global economy. The USPTO has implemented eight provisions of the recently passed America Invents Act, which are enhancing the speed and quality of patent processing, connecting businesses with the tools they need to develop their technologies, and speeding up patent applications. Since 2008, the backlog has been reduced by nearly 15%, from about 750,000 to just under 641,000 today, despite patent filings in the US growing by 5% in FY2011.
