Even as the economy slows, you can't take away good old American ingenuity. The U.S. is home to Silicon Valley, most of the world's health care inventions, and the largest share of the world's patents.

Patenting is at its highest level since the Industrial Revolution, according to a new report from The Brookings Institution. And this innovation isn't driven by patent trolls but instead from long term drivers of growth.

Still, America produces only the 9th most patents per person, and could fall behind if it doesn't produce more scientists and engineers.

Increasingly, inventions are concentrated around unique institutions, unique companies, and unique cities. 63 percent of patents come from just 20 areas, and someone from San Jose is 600 times more likely to produce a patent than someone in McAllen, Texas.