NationMaster - Encyclopedia: Economy of Chicago

Chicago, Illinois was incorporated in 1833. Today, it is home to 12 Fortune 500 companies and is considered to be a "Prime Accountancy, Advertising and Legal Service Center" by the Globalization and World Cities Study Group & Network.^{[citation needed]} Chicago is a major transportation and distribution center. Manufacturing, printing and publishing, and food processing also play major roles in the city's economy. 2000 US Census logo The Twenty-Second United States Census, known as Census 2000 and conducted by the Census Bureau, determined the resident population of the United States on April 1, 2000, to be 281,421,906, an increase of 13. ... Flag Seal Nickname: The Windy City Motto: Urbs In Horto (Latin: City in a Garden), I Will Location Location in Chicagoland and northern Illinois Coordinates , Government Country State Counties United States Illinois Cook, DuPage Mayor Richard M. Daley (D) Geographical characteristics Area City 606. ... The Fortune 500 is a ranking of the top 500 United States corporations as measured by gross revenue. ... Categories: Possible copyright violations ...

History

Before it was incorporated as a town in 1833 the primary industry was fur trading. A dogs hair usually consists of longer, stiffer, guard hairsâ€”which can be straight, wiry, or wavy, and of various lengths, hiding a soft, short-haired undercoat. ...

During the 1850s and 1860s, Chicago's pork and beef industry expanded. Entrepreneurs such as Gustavus Swift and Philip Armour helped the area to become the largest producer of meat products in the world. By 1862 Chicago had displaced Cincinnati, Ohio, as "Porkopolis". Image File history File links Download high resolution version (573x640, 72 KB) Summary TITLE: Splitting backbones and final inspection - hogs ready for cooler, Swift & Co. ... Two halves of pork being delivered Pork is the culinary name for meat from pigs. ... For other uses, see Beef (disambiguation). ... Gustavus Franklin Swift (June 24, 1839â€“March 29, 1903) founded a meat-packing empire in the Midwest during the late 19th century, over which he presided until his death. ... Philip Danforth Armour (1832-1901) was born in Stockbridge, New York, of Scottish descent. ... Nickname: Motto: Juncta Juvant (Strength in Unity) Location in Hamilton County, Ohio, USA Coordinates: , Country United States State Ohio County Hamilton Founded 1788 Incorporated 1802 (village) - 1819 (city) Government - Type Mayor-council government - Mayor Mark L. Mallory (D) Area - City 79. ...

Two major influences for the growth of Chicago's meat industries during the 1860s were: the Civil War increased the demand for food products and Chicago's vast transportation system ensured that goods could be delivered to soldiers quickly all over the northern United States. The second factor was the utilization of ice in meat packing plants. Beforehand, meat production and distribution facilities, known as disassembly plants, had to shut down in the hot summer months. Increased operating months created new man-hours in which people could work. The efficiency of Chicago's meat packing industry and its disassembly plants inspired others like Henry Ford when he developed Model-Ts assembly lines.^[1] Combatants United States of America (Union) Confederate States of America (Confederacy) Commanders Abraham Lincoln, Ulysses S. Grant Jefferson Davis, Robert E. Lee Strength 2,200,000 1,064,000 Casualties 110,000 killed in action, 360,000 total dead, 275,200 wounded 93,000 killed in action, 258,000 total... Henry Ford (1919) Henry Ford (July 30, 1863 â€“ April 7, 1947) was the founder of the Ford Motor Company and father of modern assembly lines used in mass production. ... 1908 Ford Model T advertisement The Model T (colloquially known as the Tin Lizzie and the Flivver) was an automobile produced by Henry Fords Ford Motor Company from 1908 through 1928. ...

In the 1860s, Chicago's pork and beef industry represented the first global industry.^{[citation needed]} As the major meat companies grew in Chicago many, like Armour, created global companies and communicated with divisions spread across the globe via telegraph. Armour and Company was an American slaughterhouse and meatpacking company founded in Chicago, Illinois in 1867 by the Armour brothers led by Philip Danforth Armour (1832â€“1901). ... Telegraphy (from the Greek words tele = far away and grapho = write) is the long distance transmission of written messages without physical transport of letters, originally over wire. ...

Modern-day futures and commodity trading markets were pioneered in Chicago.^{[citation needed]} A number of events led to this, along with Chicago's transportation systems and geographic proximity to the rest of the country. Massive amounts of goods passed through Chicago from places in the Mississippi Valley such as St. Louis, Missouri. Grain was stored in Chicago, and people began buying contracts on it. Later, people as far away as New York City began buying contracts by telegraph on the goods that would be stored in Chicago in the future. From this were established the Chicago Board of Trade (CBOT), the Chicago Mercantile Exchange (CME), and the modern systems in use today for futures and commodity trading. Nickname: Location in the state of Missouri Coordinates: , Country State County Independent City Government - Mayor Francis G. Slay (D) Area - City 66. ... New York, New York and NYC redirect here. ... The Chicago Board of Trade (CBOT) NYSE: BOT, established in 1848, is the worlds oldest futures and options exchange. ... President George W. Bush at the CME (March 6, 2001). ...

Industries

Banking and finance

The city houses one of the Federal Reserve Banks, established in 1914. There is also the Federal Home Loan Bank of Chicago. The largest banks in the Chicago region (by % of deposits) are: JPMorgan Chase, LaSalle Bank (an ABN AMRO subsidiary), Harris Bank (a BMO subsidiary), and Northern Trust. The largest banks headquartered in the Chicago area include: First Midwest Bank, Mid America, and MB Financial, among others. Many financial institutions are in the Loop. Chicago Board of Trade pit. ... Chicago Board of Trade pit. ... The Chicago Board of Trade (CBOT) NYSE: BOT, established in 1848, is the worlds oldest futures and options exchange. ... Federal Reserve Districts The United States Federal Reserve System consists of twelve Federal Reserve Banks, each responsible for a particular district, and some with branches. ... The Federal Home Loan Banks are an essential source of stable, low-cost funds to financial institutions for home mortgage, small business, rural and agricultural loans. ... JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. ... LaSalle Bank Corporation is the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. With $116 billion in assets, it is headquartered at 135 South LaSalle Street in Chicago, Illinois. ... ABN AMRO (Euronext: AAB, NYSE: ABN) is one of the largest banks in Europe and has operations all over the world. ... Harris Bank was founded by Norman Wait Harris. ... Bank of Montreal (TSX: BMO, NYSE: BMO) is Canadas fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). ... Northern Trust Corporation NASDAQ: NTRS is a financial services company, headquartered in Chicago, providing fiduciary, banking and investment services for individuals and credit, operating, custody, trust and investment management services for organizations. ... First Midwest Bank began in Joliet, Illinois. ... The Loop is what locals call the historical center of downtown Chicago. ...

Chicago has four major financial exchanges, including the Chicago Stock Exchange, the Chicago Board of Trade (CBOT), the Chicago Board Options Exchange (CBOE), and the Chicago Mercantile Exchange (Merc). While the city of Chicago houses most of the major brokerage firms, many insurance companies are in the city or suburbs, such as Allstate Corporation. The Chicago Stock Exchange, located in Chicago, Illinois, is the third most active stock exchange in the United States by volume. ... The Chicago Board of Trade (CBOT) NYSE: BOT, established in 1848, is the worlds oldest futures and options exchange. ... The Chicago Board Options Exchange (CBOE), located at 400 South LaSalle Street in Chicago, is one of the worlds largest options exchanges with an annual trade of over 450 million options contracts, covering more than 1200 companies, 50 stock indexes, and 50 exchange-traded funds (ETFs). ... President George W. Bush at the CME (March 6, 2001). ... The Allstate Corporation NYSE: ALL is the largest publicly held personal lines insurer in the United States. ...

Real estate

The central downtown area has experienced a resurgence in recent years with construction of major new condominium and Class A office buildings. These include the 92-story Trump Tower Chicago, 90-story Shangri-La Hotel and Waterview condominium building, Central Station, Lakeshore East development, the 300 North Lasalle office building, and the 150-story 2000 foot Chicago Spire by famed architect Santiago Calatrava. The Spire will be the tallest building in Europe and North America. Many city neighborhoods are gentrifying at a rapid pace as well, including Logan Square, Pilsen, Uptown, Near Southside, and Rogers Park. The massive expansion of O'Hare International Airport and reconstruction of the Dan Ryan Expressway are also underway and will shape development patters for years to come. This article refers to a form of housing. ... Trump Tower Chicago construction as of April 21, 2005 Trump Tower Chicago, also known as Trump International Hotel and Tower, is a planned skyscraper in downtown Chicago, Illinois named for famed real estate developer Donald Trump. ... The Chicago Spire is a supertall skyscraper approved for construction in Chicago, Illinois. ... Santiago Calatrava Valls (born July 28, 1951) is an internationally recognized and award-winning Spanish architect and structural engineer whose principal office is in Zurich, Switzerland. ... OHare International Airport (IATA: ORD, ICAO: KORD, FAA LID: ORD) is an airport located in Chicago, Illinois, United States, 17 miles (27 km) northwest of the Chicago Loop. ...

Largest public companies

Abbott Laboratories (NYSE: ABT) is a diversified pharmaceuticals and health care company. ... The Allstate Corporation NYSE: ALL is the largest publicly held personal lines insurer in the United States. ... Aon Corporation (NYSE: AOC) is a provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. ... Baxter International Inc. ... The Boeing Company (NYSE: BA, TYO: 7661 ) is a major aerospace and defense corporation, originally founded by William Boeing. ... The Brunswick Corporation (NYSE: BC), formerly known as the Brunswick-Balke-Collender Company, is a United States based corporation that has been involved in manufacturing a wide variety of products since 1845. ... CDW Corporation NASDAQ: CDWC, headquartered in Vernon Hills, Illinois, is a leading reseller of computer hardware, software and supplies. ... Exelon Corporation is a giant electricity generating and distributing company headquartered in Chicago. ... Fortune Brands, NYSE: FO is a holding company founded in 1969 as American Brands and later re-named in 1997. ... Illinois Tool Works or ITW (NYSE: ITW) is a Fortune 500 company that produces engineered fasteners and components, equipment and consumable systems, and specialty products. ... Kraft Foods Inc. ... McDonalds Corporation (NYSE: MCD) is the worlds largest chain of fast-food restaurants, primarily selling hamburgers, chicken, french fries, milkshakes and soft drinks. ... Motorola Inc. ... Sara Lee Corporation (NYSE: SLE) is an American consumer-goods company based in Illinois. ... Sears Holdings Corporation (NASDAQ: SHLD) is the fourth largest retailer in the United States, behind Wal-Mart, The Home Depot, and Kroger. ... ServiceMaster (NYSE: SVM) is a Fortune 500 company that provides various services to residences and firms. ... Smurfit-Stone Container Corporation (NASDAQ: SSCC) is an American paperboard and paper-based packaging company based in Chicago, Illinois. ... The Tribune Company (NYSE: TRB) is a large American multimedia corporation based in Chicago, Illinois. ... Walgreen Co. ... The Wrigley Company (NYSE: WWY) was founded on April 1, 1891 originally selling products such as soap and baking powder. ... Playboy is an American mens magazine, founded in 1953 by Hugh Hefner and his associates, which has grown into Playboy Enterprises, Inc. ... The Chicago Mercantile Exchange (CME or, simply, The Merc) (NYSE: CME) is an American financial exchange based in Chicago. ...

Encyclopedia > Economy of Chicago

Contents

History

Industries

Banking and finance

Real estate

Largest public companies

See also

References