US economy ‘supported by IP-intensive industries’

Intellectual property (IP) makes a huge contribution to the US economy every year, a new report has claimed.

Research published by the US Commerce Department found that IP-intensive industries support at least 40 million jobs and generate $5.06 trillion dollars each year.

This amounts to 34.8 per cent of US gross domestic product – highlighting the importance of trademarks, patents, service marks and copyrights.

Commerce secretary John Bryson noted that IP-intensive industries have a “direct and significant impact” on the nation’s economy and the creation of American jobs.

“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,” he stated.

“That is why this administration’s efforts to protect IP, and modernize the patent and trademark system are so crucial to a 21st century economy that is built to last.”

In the report, the US Commerce Department identifies the 75 industries that use patent, copyright, or trademark protections most extensively.

These are the source of the 40 million jobs cited in the report – more than a quarter of the entire US workforce.

Some of the most IP-intensive industries include computer and peripheral equipment, audio and video equipment manufacturing, newspaper and book publishing, and pharmaceutical and medicines.

“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.

“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.”

She said the IP protections put in place today are helping support economic security for America’s middle class now and in the years to come.”