IP industries spur US economy

Intellectual Property and Technology News

IP-related industries support at least 40 million jobs and contribute more than US$5 trillion of the US gross domestic product – that is, about 35 percent of the GDP.1

A new report from the US Commerce Department observes that the most IP-intensive industries include semiconductors and other electronic components, pharmaceutical products, computer and peripheral equipment, medical devices, audio and video equipment, and newspaper and book publishing.2 The report states that merchandise exports by IP-intensive industries totaled US$775 billion in 2010 – more than 60 percent of total US merchandise exports.3

In a related press release,4 Deputy Commerce Secretary Rebecca Blank said, “Strong intellectual property protections encourage our businesses to pursue the next great idea, which is vital to maintaining America’s competitive edge.” USPTO Director David Kappos added, “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 US private sector remains America’s innovation engine.”

For the full report, visit this page.

1 Dep’t of Comm., Intellectual Property and the U.S. Economy: Industries in Focus, Executive Summary, pp. v. - viii., available here.

2 Id.

3 Id.

4 Press Release, Dep’t of Commerce (Apr. 11, 2012).