Chicago Economy 2012
Chicago is considered to be a major destination for services industry with Accountancy, Advertising and Legal services contributing a major share. Chicago is considered as a major destination for Manufacturing, printing & publishing and food processing centre. It is also a major transportation and distribution hub. Chicago city houses many big corporations existing on American soil like Boeing, McDonalds, Motorola, and United Airlines to name a few.
Manufacturing Sector Contribution in Chicago Economy
Chicago has marked its prominence in the field of manufacturing telecommunication gears, automobile, steel, electronics goods and industrial products. Farm machinery manufacturing is also an important contributor to manufacturing sector. Chicago is a major publishing hub and is ranked second in publishing industry. New York holds the first rank in publishing industry. Chicago is also known as “candy capital” because of its food processing industry.
Banking and Finance Sector Role in Chicago Economy
Chicago has a robust and well distributed banking and financial sector. Chicago is home to one of the Federal Reserve Bank established in 1914. Many global banking companies have offices in Chicago. Chicago has three major financial exchanges.
Services Based Income Generation System Chicago’s economy
By the early 2000, Chicago’s economy has moved towards more service based income generation system. Chicago service based economy includes, higher education, financial trading and medicines.
Shipping and Transportation Role in Chicago’s economy
Chicago is an important transportation and distribution center and acts as a link between Great Lakes and Atlantic Ocean. Chicago is also well connected with railway and roadways network. Chicago's airports cargo handling excellence can be established by the fact that annually it handles one million metric tons of cargo.
Labor Force & Chicago Economy
Chicago suffered from high unemployment rate for both skilled as well as unskilled labor. With recent recession, the condition has worsened. Plant closure and declining economy contributed heavily to unemployment. The government has put into place many programs to encourage skill learning and to help the work force in getting jobs.
