IP Industries Driving U.S. Economic Growth
In "Engines of Growth: Economic Contributions of the U.S. Intellectual Property Industries," Stephen E. Siwek of Economists Incorporated, presents a variety of statistical measures that quantify the economic contributions of these industries to the U.S. private sector and to the U.S. economy as awhole. Here some of his findings:
- The IP industries are major growth drivers of the current U.S. economy,
contributing nearly 40% of total growth today, significantly outpacing the
country’s overall growth rate.
- GDP 10-year growth estimates would be approximately 30% lower than current
predictions without the contributions of the IP industries.
- In 2003 IP Industries comprised nearly 20% of the U.S. private industry’s total contribution to GDP and nearly 40% of the GDP of U.S. exportable products and services.
- The IP industries are among the largest employers in the country, with nearly
18 million workers. Also, the IP industries pay a significantly higher wage to
its employees than most other industries.