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Economy
Chicago has a long established and growing tradition as a center for business and industry, ranging from well-established manufacturing sectors to newer fields like biotechnology. Of the economic sectors where employment is projected to grow nationally through 2005, many already have a strong presence in Chicago. Among these sectors are real estate, insurance, finance, healthcare, and business services. Growing employment is also expected in transportation, communications, technology and utilities.
Adding to Chicago's reputation as a business and industrial center is its popularity as a premier location for many corporate headquarters. Companies choose Chicago in order to take advantage of the benefits including proximity to transportation, suppliers, customers, similar businesses, access to a skilled labor force, and an extensive urban infrastructure. In addition to being a center for large businesses, Chicago also has a thriving small business community.
In a recent Journal of Business Strategy, Chicago ranked 2nd in overall business climate when compared to 9 other large and mid-size American cities. In addition, when compared to 53 cities worldwide, Chicago ranked 9th using a composite index based on: the number of international air destinations, cost of living, diversity of worker skills, gross domestic product (GDP), population, number of Fortune 500-ranked global headquarters and employment/unemployment rates.
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