Chicago, Illinois is the third most populous city in the United States. While bigger isn’t necessarily always better, the large population provides a diverse range of customers and opportunities for businesses of all kinds. This means that if you are thinking of starting a business, you should definitely consider locating your office space in Chicago.
But before you make your final decision, here are a few things you should know about the business climate before starting your business in Chicago:
1. Balanced Economy
Because of Chicago’s diverse economy, the city has been rated as having the most balanced economy in the United States. It has the third largest gross metropolitan product in the U.S., followed by New York City and Los Angeles. It is also a major world financial center, with the second largest central business district in the U.S. New York City is the largest.
2. Large Labor Pool
Chicago and its surrounding metropolitan area is home to the third largest labor pool in the U.S., with around 4.48 million workers. Chicago is one of the most densely populated U.S. cities, and is home to a wide range of demographics. This gives companies a wide range of talent and backgrounds to hire.
3. Wide Range of Industries
The Chicago area is also home to a diverse range of companies and industries. 66 Fortune 1000 companies are located in Illinois, several in Chicago. And 12 Fortune Global 500 companies and 17 Financial Times 500 companies call the city of Chicago home.
The diverse range of major industries in Chicago include: manufacturing, printing, publishing, food processing, financial, science, engineering, retail, transportation, distribution, sports, tourism, and more. Companies such as Walgreens, Sears, Ace Hardware, Boeing, Kraft Foods, McDonald’s, General Electric, and Groupon are located in Chicago and the surrounding suburbs.
If you are looking for a large, exciting, and diverse location for your business to grow, Chicago is the perfect location. The diversity of not only the people, but the industries provide a fertile ground for business growth and expansion.