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New U.S. Chamber Report Highlights Importance of Intellectual Property and Innovation to State Economies
New U.S. Chamber Report Highlights Importance of Intellectual Property
and Innovation to State Economies
WASHINGTON, D.C. – The U.S. Chamber of Commerce’s Global Intellectual Property Center (GIPC) today released an economic impact study, Employing Innovation Across America, showcasing the substantial benefits of intellectual property (IP) and innovation in the 51 U.S. States and the District of Columbia.
The report shows how IP leads to innovative new discoveries that fuel economic growth and build stronger communities. Further, workers directly and indirectly connected to these advancements make up a substantial percentage of each state’s workforce, are paid higher than their counterparts in non-IP intensive companies, and help increase each state’s exports. The report was released at GIPC’s 3rd Annual Global IP Summit in Washington, DC.
The data for each of the 51 U.S. States and the District of Columbia can be found here.
“Intellectual property and innovation does not only lead to the latest lifesaving medical treatments or breakthrough digital technologies, it also contributes to the economic growth of communities large and small, from coast to coast,” said Mark Elliot, executive vice president of GIPC. “Patents, trademarks, copyrights, and trade secrets are the result of significant research and development investments, leading to millions of high-paying jobs. These workers produce revenues and exports that help drive state economies, so promoting and protecting IP is critical to encouraging innovation and strengthening economies alike.”
“There is no greater country in the world for innovation than the U.S. and IP is the life blood of that innovation” said Ray Kerins, senior vice president, head of communications, government relations & policy at Bayer Corporation. “This study offers real world impact of what IP and innovation means to economies around the country. For an innovative company like Bayer, we know the impact in the communities we operate in and now policy makers can see what that truly represents – by the numbers.”
The Chamber’s Global Intellectual Property Center is working around the world to champion intellectual property (IP) rights as vital to creating jobs, saving lives, advancing global economic growth, and generating breakthrough solutions to global challenges.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.