Economy Chicago

federal reserve bank of chicago



the chicago board of trade building

chicago has third-largest gross metropolitan product in united states—about $658.6 billion according 2014–2016 estimates. city has been rated having balanced economy in united states, due high level of diversification. in 2007, chicago named fourth-most important business center in world in mastercard worldwide centers of commerce index. additionally, chicago metropolitan area recorded greatest number of new or expanded corporate facilities in united states calendar year 2014. chicago metropolitan area has third-largest science , engineering work force of metropolitan area in nation. in 2009 chicago placed 9th on ubs list of world s richest cities. chicago base of commercial operations industrialists john crerar, john whitfield bunn, richard teller crane, marshall field, john farwell, julius rosenwald , many other commercial visionaries laid foundation midwestern , global industry.

chicago major world financial center, second-largest central business district in united states. city headquarters of federal reserve bank of chicago (the seventh district of federal reserve). city has major financial , futures exchanges, including chicago stock exchange, chicago board options exchange (cboe), , chicago mercantile exchange (the merc ), owned, along chicago board of trade (cbot) chicago s cme group. cme group, in addition, owns new york mercantile exchange (nymex), commodities exchange inc. (comex) , dow jones indexes. perhaps due influence of chicago school of economics, city has markets trading unusual contracts such emissions (on chicago climate exchange) , equity style indices (on u.s. futures exchange). chase bank has commercial , retail banking headquarters in chicago s chase tower.

the city , surrounding metropolitan area contain third-largest labor pool in united states 4.48 million workers, of 2014. in addition, state of illinois home 66 fortune 1000 companies, including in chicago. city of chicago hosts 12 fortune global 500 companies , 17 financial times 500 companies. city claims 2 dow 30 company: aerospace giant boeing, moved headquarters seattle chicago loop in 2001, , kraft heinz. according site selection magazine, chicago area has seen corporate headquarters relocation or expansion projects in each of 4 consecutive years form 2013 2016. caterpillar inc. moving global headquarters, 300 executives , staff , support personnel, chicago suburb of deerfield, illinois, while high-technology center in chicago, end of 2018. headquarters of united continental holdings, , operations center , united airlines subsidiary in willis tower in chicago. in june 2016, mcdonald s confirmed plans move global headquarters chicago s west loop neighborhood 2018, chicago company s headquarters between 1955 , 1971.

racks of meat in cold storage in meat locker in chicago photographed stanley kubrick magazine in 1949

manufacturing, printing, publishing , food processing play major roles in city s economy. several medical products , services companies headquartered in chicago area, including baxter international, boeing, abbott laboratories, , healthcare division of general electric. in addition boeing, located headquarters in chicago in 2001, , united airlines in 2011, ge transportation moved offices city in 2013 , ge healthcare moved hq city in 2016, did thyssenkrupp north america, , agriculture giant archer daniels midland. moreover, construction of illinois , michigan canal, helped move goods great lakes south on mississippi river, , of railroads in 19th century made city major transportation center in united states. in 1840s, chicago became major grain port, , in 1850s , 1860s chicago s pork , beef industry expanded. major meat companies grew in chicago many, such armour , company, created global enterprises. though meatpacking industry plays lesser role in city s economy, chicago continues major transportation , distribution center. lured combination of large business customers, federal research dollars, , large hiring pool fed area s universities, chicago site of growing number of web startup companies careerbuilder, orbitz, 37signals, groupon, feedburner, , nowsecure.

chicago has been hub of retail sector since development, montgomery ward, sears, , marshall field s. today chicago metropolitan area headquarters of several retailers, including walgreens, sears, ace hardware, claire s, ulta beauty , crate & barrel.

late in 19th century, chicago part of bicycle craze, western wheel company, introduced stamping production process , reduced costs, while in 20th century, city part of automobile revolution, hosting brass era car builder bugmobile, founded there in 1907. chicago site of schwinn bicycle company.

chicago major world convention destination. city s main convention center mccormick place. 4 interconnected buildings, largest convention center in nation , third-largest in world. chicago ranks third in u.s. (behind las vegas , orlando) in number of conventions hosted annually.

chicago s minimum wage non-tipped employees 1 of highest in nation , incrementally reach $13 per hour 2019.