Chicago, Illinois, United States

Economy

🇺🇸 Chicago, officially the City of Chicago, is the most populous city in the U.S. state of Illinois, and the third most populous city in the United States and the most populous city in the Midwestern United States and the fifth most populous city in North America. Chicago is the county seat of Cook County, the second most populous county in the U.S. Chicago is the principal city of the Chicago metropolitan area, often called Chicagoland. It is one of the 40 largest urban areas in the world.

On the shore of Lake Michigan, Chicago was incorporated as a city in 1837 near a portage between the Great Lakes and the Mississippi River watershed. It grew rapidly in the mid-19th century; by 1860, Chicago was the youngest U.S. city to exceed a population of 100,000. The Great Chicago Fire in 1871 destroyed several square miles and left more than 100,000 homeless, but Chicago's population continued to grow to 503,000 by 1880 and then doubled to more than a million within the decade. The construction boom accelerated population growth throughout the following decades, and by 1900, less than 30 years after the fire, Chicago was the fifth-largest city in the world. Chicago made noted contributions to urban planning and zoning standards, including new construction styles (such as, Chicago School architecture, the development of the City Beautiful Movement, and the steel-framed skyscraper).

Chicago is an international hub for finance, culture, commerce, industry, education, technology, telecommunications, and transportation. It is the site of the creation of the first standardized futures contracts, issued by the Chicago Board of Trade, which today is part of the largest and most diverse derivatives market in the world, generating 20% of all volume in commodities and financial futures alone. O'Hare International Airport is routinely ranked among the world's top six busiest airports according to tracked data by the Airports Council International. The region also has the largest number of federal highways and is the nation's railroad hub. The Chicago area has one of the highest gross domestic products (GDP) in the world, generating $689 billion in 2018. The economy of Chicago is diverse, with no single industry employing more than 14% of the workforce. It is home to several Fortune 500 companies, including Abbott Laboratories, AbbVie, Allstate, Archer Daniels Midland, Conagra Brands, Exelon, JLL, Kraft Heinz, McDonald's, Mondelez International, Motorola Solutions, Sears, United Airlines Holdings, and US Foods, although the city has experienced an exodus of large corporations since 2020.

Chicago's 58 million tourist visitors in 2018 set a new record. Landmarks in the city include Millennium Park, Navy Pier, the Magnificent Mile, the Art Institute of Chicago, Museum Campus, the Willis (Sears) Tower, Grant Park, the Museum of Science and Industry, and Lincoln Park Zoo. Chicago is also home to the Barack Obama Presidential Center being built in Hyde Park on the city's South Side. Chicago's culture includes the visual arts, literature, film, theater, comedy (especially improvisational comedy), food, dance (including modern dance and jazz troupes and the Joffrey Ballet), and music (particularly jazz, blues, soul, hip-hop, gospel, and electronic dance music, including house music). Chicago is also the location of the Chicago Symphony Orchestra and the Lyric Opera of Chicago. Of the area's colleges and universities, the University of Chicago, Northwestern University, and the University of Illinois at Chicago are classified as "highest research" doctoral universities. Chicago has professional sports teams in each of the major professional leagues, including two Major League Baseball teams.

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Economy Chicago has the third-largest gross metropolitan product in the United States—about $670.5 billion according to September 2017 estimates. The city has also been rated as having the most balanced economy in the United States, due to its high level of diversification. In 2007, Chicago was named the fourth-most important business centre in the world in the MasterCard Worldwide Centers of Commerce Index. Additionally, the Chicago metropolitan area recorded the greatest number of new or expanded corporate facilities in the United States for calendar year 2014. The Chicago metropolitan area has the third-largest science and engineering work force of any metropolitan area in the nation. In 2009 Chicago placed ninth on the UBS list of the world's richest cities. Chicago was the base of commercial operations for industrialists John Crerar, John Whitfield Bunn, Richard Teller Crane, Marshall Field, John Farwell, Julius Rosenwald and many other commercial visionaries who laid the foundation for Midwestern and global industry.

Chicago is a major world financial centre, with the second-largest central business district in the United States. The city is the seat of the Federal Reserve Bank of Chicago, the Bank's Seventh District. The city has major financial and futures exchanges, including the Chicago Stock Exchange, the Chicago Board Options Exchange (CBOE), and the Chicago Mercantile Exchange (the "Merc"), which is owned, along with the Chicago Board of Trade (CBOT) by Chicago's CME Group. In 2017, Chicago exchanges traded 4.7 billion derivatives with a face value of over one quadrillion dollars. Chase Bank has its commercial and retail banking headquarters in Chicago's Chase Tower. Academically, Chicago has been influential through the Chicago school of economics, which fielded some 12 Nobel Prize winners.

The city and its surrounding metropolitan area contain the third-largest labor pool in the United States with about 4.63 million workers. Illinois is home to 66 Fortune 1000 companies, including those in Chicago. The city of Chicago also hosts 12 Fortune Global 500 companies and 17 Financial Times 500 companies. The city claims three Dow 30 companies: aerospace giant Boeing, which moved its headquarters from Seattle to the Chicago Loop in 2001, McDonald's and Walgreens Boots Alliance. For six consecutive years since 2013, Chicago was ranked the nation's top metropolitan area for corporate relocations.

Manufacturing, printing, publishing and food processing also play major roles in the city's economy. Several medical products and services companies are headquartered in the Chicago area, including Baxter International, Boeing, Abbott Laboratories, and the Healthcare division of General Electric. In addition to Boeing, which located its headquarters in Chicago in 2001, and United Airlines in 2011, GE Transportation moved its offices to the city in 2013 and GE Healthcare moved its HQ to the city in 2016, as did ThyssenKrupp North America, and agriculture giant Archer Daniels Midland. Moreover, the construction of the Illinois and Michigan Canal, which helped move goods from the Great Lakes south on the Mississippi River, and of the railroads in the 19th century made the city a major transportation centre in the United States. In the 1840s, Chicago became a major grain port, and in the 1850s and 1860s Chicago's pork and beef industry expanded. As the major meat companies grew in Chicago many, such as Armour and Company, created global enterprises. Although the meatpacking industry currently plays a lesser role in the city's economy, Chicago continues to be a major transportation and distribution center. Lured by a combination of large business customers, federal research dollars, and a large hiring pool fed by the area's universities, Chicago is also the site of a growing number of web startup companies like CareerBuilder, Orbitz, Basecamp, Groupon, Feedburner, Grubhub and NowSecure.

Prominent food companies based in Chicago include the world headquarters of Conagra, Ferrara Candy Company, Kraft Heinz, McDonald's, Mondelez International, Quaker Oats, and US Foods.

Chicago has been a hub of the retail sector since its early development, with Montgomery Ward, Sears, and Marshall Field's. Today the Chicago metropolitan area is the headquarters of several retailers, including Walgreens, Sears, Ace Hardware, Claire's, ULTA Beauty and Crate & Barrel.

Late in the 19th century, Chicago was part of the bicycle craze, with the Western Wheel Company, which introduced stamping to the production process and significantly reduced costs, while early in the 20th century, the city was part of the automobile revolution, hosting the Brass Era car builder Bugmobile, which was founded there in 1907. Chicago was also the site of the Schwinn Bicycle Company.

Chicago is a major world convention destination. The city's main convention centre is McCormick Place. With its four interconnected buildings, it is the largest convention centre in the nation and third-largest in the world. Chicago also ranks third in the U.S. (behind Las Vegas and Orlando) in number of conventions hosted annually.

Chicago's minimum wage for non-tipped employees is one of the highest in the nation and reached $15 in 2021.

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Chicago, Illinois, United States 
<b>Chicago, Illinois, United States</b>
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Chicago is rated Alpha by the Globalization and World Cities Research Network (GaWC) which evaluates and ranks the relationships between world cities in the context of globalisation. Alpha level cities are linked to major economic states and regions and into the world economy.

Chicago is the #11 city in the world according to the Global Financial Centres Index (GFCI) which evaluates and ranks the competitiveness of the major financial centres of the world according to a wide range of criteria – Human Capital, Business, Finance, Infrastructure and Reputation.

Chicago is the #26 city in the world according to the Global Power City Index (GPCI) which evaluates and ranks the major cities of the world according to their magnetism, or their comprehensive power to attract people, capital, and enterprises from around the world. It does so through measuring six key functions: Economy, Research and Development, Cultural Interaction, Liveability, Environment, and Accessibility.

Chicago is ranked #20 and rated B+ by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. B+ cities are strong international hub cities. Chicago was ranked #88 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. Chicago has a population of over 2,746,388 people. Chicago also forms the centre of the wider Chicago metropolitan area which has a population of over 9,729,825 people. Chicago is the #108 hipster city in the world, with a hipster score of 4.3119 according to the Hipster Index which evaluates and ranks the major cities of the world according to the number of vegan eateries, coffee shops, tattoo studios, vintage boutiques, and record stores. Chicago is ranked #17 for startups with a score of 19.121.

To set up a UBI Lab for Chicago see: https://www.ubilabnetwork.org Twitter: https://twitter.com/UBILabNetwork

Twin Towns, Sister Cities Chicago has links with:

🇬🇭 Accra, Ghana 🇲🇽 Álvaro Obregón, Mexico 🇯🇴 Amman, Jordan 🇬🇷 Athens, Greece 🇷🇸 Belgrade, Serbia 🏴󠁧󠁢󠁥󠁮󠁧󠁿 Birmingham, England 🇨🇴 Bogotá, Colombia 🇰🇷 Busan, South Korea 🇲🇦 Casablanca, Morocco 🇨🇳 Changning, China 🇮🇳 Delhi, India 🇿🇦 Durban, South Africa 🇮🇪 Galway, Ireland 🇸🇪 Gothenburg, Sweden 🇩🇪 Hamburg, Germany 🇺🇦 Kyiv, Ukraine 🇵🇰 Lahore, Pakistan 🇨🇭 Lucerne, Switzerland 🇧🇭 Manama, Bahrain 🇨🇴 Medellín, Colombia 🇲🇽 Mexico City, Mexico 🇮🇹 Milan, Italy 🇷🇺 Moscow, Russia, until 2022 🇯🇵 Ōsaka, Japan 🇫🇷 Paris, France 🇮🇱 Petah Tikva, Israel 🇨🇿 Prague, Czech Republic 🇨🇳 Qingpu District, China 🇧🇷 São Paulo, Brazil 🇨🇳 Shanghai, China 🇨🇳 Shenyang, China 🇵🇱 Skarżysko-Kamienna, Poland 🇨🇴 Soacha, Colombia 🏴󠁧󠁢󠁥󠁮󠁧󠁿 Sparkbrook, England 🇦🇺 Sydney, Australia 🇨🇦 Toronto, Canada 🇱🇹 Vilnius, Lithuania 🇵🇱 Warsaw, Poland 🇺🇸 Wood Dale, USA 🇨🇳 Wuhan, China
Text Atribution: Wikipedia Text under CC-BY-SA license | GPCI | GFCI | GaWC | GUCR | Hipster Index | Nomad | StartupBlink

  • Alexander Hamilton Scott |

    🏴󠁧󠁢󠁳󠁣󠁴󠁿 Architect Alexander Hamilton Scott is associated with Chicago. In 1911 he was elected a Licentiate of the Royal Institute of British Architects.

  • William Crabtree |

    🏴󠁧󠁢󠁥󠁮󠁧󠁿 Architect William Crabtree is associated with Chicago. He was a member of the MARS. Modern Architectural Research Group.

  • Kevin Roche |

    🇮🇪 🇺🇸 Architect Kevin Roche is associated with Chicago. He was a member of the Accademia Nazionale di San Luca in Italy.

Antipodal to Chicago is: 92.383,-41.867

Locations Near: Chicago -87.6167,41.8667

🇺🇸 Lakeview -87.65,41.933 d: 7.9  

🇺🇸 Cicero -87.748,41.851 d: 11  

🇺🇸 Oak Park -87.783,41.883 d: 13.9  

🇺🇸 Evanston -87.695,42.055 d: 21.9  

🇺🇸 Skokie -87.737,42.035 d: 21.2  

🇺🇸 Oak Lawn -87.75,41.7 d: 21.6  

🇺🇸 South Holland -87.6,41.6 d: 29.7  

🇺🇸 Glenview -87.8,42.067 d: 26.9  

🇺🇸 Hammond -87.493,41.611 d: 30.2  

🇺🇸 Elmhurst -87.94,41.904 d: 27.1  

Antipodal to: Chicago 92.383,-41.867

🇦🇺 Bunbury 115.637,-33.327 d: 17766.6  

🇦🇺 Mandurah 115.721,-32.529 d: 17712.2  

🇦🇺 Rockingham 115.717,-32.267 d: 17696.3  

🇦🇺 City of Cockburn 115.833,-32.167 d: 17681  

🇦🇺 Vincent 115.834,-31.936 d: 17666.5  

🇦🇺 Perth 115.857,-31.953 d: 17665.7  

🇦🇺 Wanneroo 115.803,-31.747 d: 17656.8  

🇦🇺 Cannington 115.934,-32.017 d: 17663.8  

🇦🇺 Guildford 115.973,-31.9 d: 17653.4  

🇦🇺 Midland 116.01,-31.888 d: 17649.8  

Bing Map

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