IP workers earn more than others, says US business report
Workers in US industries focusing on intellectual property earn more than others in the private sector on average and such industries create millions of jobs in certain states, a report from a business lobbying group has argued.
“IP does not only lead to the latest life-saving medical treatments or breakthrough digital technologies, it also contributes to the economic growth of communities large and small, from coast to coast,” Mark Elliot, vice president of the US Chamber of Commerce’s Global Intellectual Property Center (GIPC), said.
The GIPC released its report at the Annual Global IP Summit in Washington, DC, which was held from November 5 to 6.
The report shows that across a number of states workers in IP earn more on average compared to those across the private sector. In the state of New York, IP workers earn an average of $77,000 per annum compared to non-IP workers, who earn $61,000.
In the state of California, the average salary for IP workers is $79,000—higher than the $55,000 average of non-IP workers there.
The report also highlighted the millions of jobs created by IP industries in the US. For California, the reported figure was almost eight million, Texas five million and in New York the total was three million. Overall, eight states have seen more than at least two million jobs created in industries both directly and indirectly related to IP.
Elliot said: “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.”
Ray Keirns, senior vice president of pharmaceutical company Bayer, said the report showed the “real world” effect IP has on an individual state’s economy within the US.
“This study offers [a] 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.”
