Chicago has the third highest gross metropolitan product in the United States, estimated at around $630.3 billion between 2014 and 2016. Additionally, owing to its high degree of diversity, the city has been regarded as having the most balanced economy in the United States. Chicago was ranked fourth in the MasterCard Worldwide Centers of Commerce Index. Additionally, the Chicago metropolitan region had the highest number of newly constructed or enlarged corporate buildings in the United States in 2014. The Chicago metropolitan region has the nation’s third biggest scientific and engineering workforce. Chicago was ranked ninth on the 2009 UBS list of the world’s wealthiest cities. Chicago served as the business headquarters for industrialists John Crerar, John Whitfield Bunn, Richard Teller Crane, Marshall Field, John Farwell, and Julius Rosenwald, among others.
Chicago is a significant global financial hub, having the country’s second biggest central business district. The Federal Reserve Bank of Chicago is headquartered in the city (the Seventh District of the Federal Reserve). The city is home to many important financial and futures markets, including the Chicago Stock Exchange, the Chicago Board Options Exchange (CBOE), and the Chicago Mercantile Exchange (the “Merc”), which is jointly operated by Chicago’s CME Group and the Chicago Board of Trade (CBOT). Additionally, the CME Group controls the New York Mercantile Exchange (NYMEX), Commodities Exchange Inc. (COMEX), and Dow Jones Indices. Perhaps as a result of the Chicago school of economics’ impact, the city also offers marketplaces for non-traditional contracts such as carbon trading (on the Chicago Climate Exchange) and equity style indexes (on the U.S. Futures Exchange). Chase Bank’s commercial and retail banking operations are headquartered at the Chase Tower in Chicago.
With around 4.48 million employees in 2014, the city and its surrounding metropolitan region have the third biggest labor pool in the United States. Furthermore, Illinois is home to 66 Fortune 1000 businesses, including those headquartered in Chicago. Additionally, Chicago is home to 12 Fortune Global 500 firms and 17 Financial Times 500 firms. One Dow 30 firm is headquartered in the city: aerospace behemoth Boeing, which relocated its headquarters from Seattle to the Chicago Loop in 2001. Two other Dow 30 firms, Kraft Foods and McDonald’s, as well as Sears Holdings Corporation and Motorola’s technological spin-offs, are located in the Chicago suburbs. United Continental Holdings’ headquarters are located at the United Building, while its operations center and United Airlines subsidiary are located in the Willis Tower in Chicago. McDonald’s declared in June 2016 that it intends to relocate its worldwide headquarters to Chicago’s West Loop district by early 2018.
Additionally, manufacturing, printing, publishing, and food processing contribute significantly to the city’s economy. Numerous medical product and service firms have their headquarters in the Chicago metropolitan region, including Baxter International, Boeing, Abbott Laboratories, and General Electric’s Healthcare Financial Services division. Along with Boeing, which established its headquarters in Chicago in 2001, and United Airlines in 2011, GE Transportation, ThyssenKrupp North America, and agribusiness major Archer Daniels Midland all relocated to the city in 2013. Additionally, the Illinois and Michigan Canal, which aided in the movement of products from the Great Lakes to the Mississippi River, and the railways in the nineteenth century established the city as a key transportation hub in the United States. Chicago became a significant grain port in the 1840s, and the city’s pig and cattle industries flourished in the 1850s and 1860s. As Chicago’s main meat firms expanded, several, such as Armour and Company, established worldwide operations. Though the meatpacking sector now contributes less to the city’s economy, Chicago remains a significant transportation and distribution hub. Chicago is also home to an increasing number of online startups, including CareerBuilder, Orbitz, 37signals, Groupon, Feedburner, and NowSecure. Attracted by a mix of major company clients, government research funding, and a vast employment pool supplied by the area’s colleges.
Since its inception, Chicago has been a retail powerhouse, including Montgomery Ward, Sears, and Marshall Field’s. Today, various shops have their headquarters in the Chicago metropolitan region, including Walgreens, Sears, Ace Hardware, Claire’s, ULTA Beauty, and Crate & Barrel.
Late in the nineteenth century, Chicago was a center of the bicycle craze, with the Western Wheel Company pioneering the use of stamping in the manufacturing process, significantly reducing costs, while early in the twentieth century, the city was a center of the automobile revolution, hosting the Brass Era car builder Bugmobile, founded in 1907. Additionally, Chicago was the home of the Schwinn Bicycle Company.
Chicago is a significant international convention location. McCormick Place is the city’s primary convention facility. It is the biggest convention center in the United States and the third largest in the world, with four linked structures. Additionally, Chicago ranks third in the United States (after Las Vegas and Orlando) in terms of yearly conferences hosted.