Intellectual Property contributes $5 trillion to U.S. Economy

Yesterday, the U.S. Patent Office released the following press release about the  U.S. Commerce Department’s report on the effect that Intellectual Property has on the U.S. Economy:

“The U.S. Commerce Department released a comprehensive report, entitled “Intellectual Property and the U.S. Economy: Industries in Focus,” which finds that intellectual property (IP) intensive industries support at least 40 million jobs and contribute more than $5 trillion dollars to U.S. gross domestic product (GDP).

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…”

Director Kappos said,”Every job in some way, produces, supplies, consumes, or relies on innovation, creativity, and commercial distinctiveness, 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 U.S. private sector remains America’s innovation engine.”

 

To read the full press release, visit here.

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