IP by the Numbers
Yesterday, the White House and Department of Commerce released a first-of-its-kind report on just how important IP-intensive industries are to America’s economic prosperity. At the launch event, Commerce Secretary Bryson and IPEC Victoria Espinel were joined by the Chamber’s President and CEO, Tom Donohue, to talk about the contribution of IP to economic growth and the four-letter word that’s one everyone’s mind: Jobs.
So, let’s take a look at the numbers:
- 40,000,000 – The number of jobs both directly and indirectly supported by IP-intensive industries.
- 27.7% – Total jobs in U.S. that stem from IP.
- 42% – Higher wages than those of non IP-intensive industries.
- $5.06 Trillion– Amount IP-intensive industries contribute to total U.S. GDP, accounting for 34.8% of total GDP.
- 60.7% – IP is responsible for three-fifths of U.S. merchandise exports, totaling $775 Billion.
- 75 – Number of industries across the U.S. economy that the Commerce study has identified as “IP-intensive.”
The government’s report just underscores what we’ve been saying all along: America’s hidden gem lies in our most creative and innovative sectors. These industries undeniably represent a massive slice of the U.S. economy and the high-paying jobs it supports, and that’s worth fostering and protecting. No longer are we disputing whether IP needs to be protected, but the question now lies on how it can be protected.
Now that we have numbers that paint a more complete picture of our innovative economy, the GIPC will do everything we can to improve enforcement, cooperation, and education on the benefits of a strong IP ecosystem.
Intellectual property is, indeed, part of America’s historical past, but it’ll also be the narrative of our future. We commend the Administration for their efforts in putting together this report and would like to stress that good enforcement promotes even better IP, even better jobs, and an even better economy.