Chicago

==Economy==
{{Main|Economy of Chicago}}
{{See also|List of companies in the Chicago metropolitan area}}
[[File:Federal Reserve Bank of Chicago (51574643886).jpg|thumb|upright=1|[[Federal Reserve Bank of Chicago]]]]
[[File:Chicago Board Of Trade Building.jpg|thumb|upright|The [[Chicago Board of Trade Building]]]]
Chicago has the third-largest [[gross metropolitan product]] in the United States—about $670.5&nbsp;billion according to September 2017 estimates.<ref>{{cite web |url=https://www.bea.gov/newsreleases/regional/gdp_metro/gdp_metro_newsrelease.htm |title=Gross Domestic Product by Metropolitan Area, 2016 |website=bea.gov |access-date=June 7, 2018 |archive-date=January 11, 2018 |archive-url=https://web.archive.org/web/20180111210606/https://www.bea.gov/newsreleases/regional/gdp_metro/gdp_metro_newsrelease.htm |url-status=live }}</ref> The city has also been rated as having the most balanced economy in the United States, due to its high level of diversification.<ref>{{cite web |url=http://www.worldbusinesschicago.com/about/upload/20ChicagoSunTimes6-23-03.pdf |archive-url=https://web.archive.org/web/20031129081651/http://www.worldbusinesschicago.com/about/upload/20ChicagoSunTimes6-23-03.pdf |url-status=dead |archive-date=November 29, 2003 |title=Moody's: Chicago's Economy Most Balanced in US (January 23, 2003)}}. Accessed from ''World Business Chicago''.</ref> The Chicago metropolitan area has the third-largest science and engineering work force of any metropolitan area in the nation.<ref name="washingtonpost.com">{{cite news |url=https://www.washingtonpost.com/wp-dyn/content/article/2006/06/08/AR2006060800133.html |title=Washington area richest, most educated in US: report |newspaper=The Washington Post |date=June 8, 2006 |access-date=April 17, 2010 |archive-date=December 22, 2017 |archive-url=https://web.archive.org/web/20171222034437/http://www.washingtonpost.com/wp-dyn/content/article/2006/06/08/AR2006060800133.html |url-status=live }}</ref> Chicago was the base of commercial operations for industrialists [[John Crerar (industrialist)|John Crerar]], [[John Whitfield Bunn]], [[Richard Teller Crane]], [[Marshall Field]], [[John Farwell]], [[Julius Rosenwald]], and many other commercial visionaries who laid the foundation for Midwestern and global industry.

Chicago is a major world financial center, with the second-largest central business district in the United States, following [[Midtown Manhattan]].<ref>{{cite news |title=The ten largest US central business districts {{!}} Modern Cities |url=https://www.moderncities.com/article/2018-jan-the-ten-largest-us-central-business-districts |access-date=February 1, 2020 |work=www.moderncities.com |archive-date=July 27, 2020 |archive-url=https://web.archive.org/web/20200727211333/https://www.moderncities.com/article/2018-jan-the-ten-largest-us-central-business-districts |url-status=live }}</ref> The city is the seat of the [[Federal Reserve Bank of Chicago]], the Bank's Seventh District. The city has major financial and [[futures exchange]]s, including the [[Chicago Stock Exchange]], the [[Chicago Board Options Exchange]] (CBOE), and the [[Chicago Mercantile Exchange]] (the "Merc"), which is owned, along with the [[Chicago Board of Trade]] (CBOT), by Chicago's [[CME Group]]. In 2017, Chicago exchanges traded 4.7&nbsp;billion in derivatives.{{Citation needed|date=January 2024}} [[Chase (bank)|Chase Bank]] has its commercial and retail banking headquarters in Chicago's [[Chase Tower (Chicago)|Chase Tower]].<ref>{{cite web |url=http://www.jpmorganchase.com/corporate/About-JPMC/jpmorgan-history.htm |title=JPMorgan History &#124; The History of Our Firm |publisher=Jpmorganchase.com |access-date=November 6, 2010 |archive-date=January 17, 2010 |archive-url=https://web.archive.org/web/20100117003703/http://www.jpmorganchase.com/corporate/About-JPMC/jpmorgan-history.htm |url-status=live }}</ref> Academically, Chicago has been influential through the [[Chicago school of economics]], which fielded 12 [[Nobel Memorial Prize in Economic Sciences|Nobel Prize]] winners.

The city and its surrounding metropolitan area contain the third-largest labor pool in the United States with about 4.63&nbsp;million workers.<ref>{{cite web |title=Chicago Area Employment — February 2018 |url=https://www.bls.gov/regions/midwest/news-release/areaemployment_chicago.htm |website=www.bls.gov/regions/midwest |publisher=U.S. Bureau of Labor Statistics |access-date=May 3, 2018 |archive-date=September 22, 2018 |archive-url=https://web.archive.org/web/20180922112723/https://www.bls.gov/regions/midwest/news-release/areaemployment_chicago.htm |url-status=live }}</ref> Illinois is home to 66 [[Fortune 1000|''Fortune'' 1000]] companies, including those in Chicago.<ref>{{cite news |url=https://money.cnn.com/magazines/fortune/fortune500/2007/states/IL.html |title=FORTUNE 500 2007: States – Illinois |access-date=September 13, 2007 |publisher=CNNMoney.com |archive-date=September 8, 2007 |archive-url=https://web.archive.org/web/20070908020234/http://money.cnn.com/magazines/fortune/fortune500/2007/states/IL.html |url-status=live }}</ref> The city of Chicago also hosts 12 ''Fortune'' Global 500 companies and 17 ''Financial Times'' 500 companies. The city claims three [[Dow Jones Industrial Average|Dow&nbsp;30]] companies: [[aerospace]] giant [[Boeing]], which moved its headquarters from [[Seattle]] to the Chicago Loop in 2001;<ref>{{cite web |url=http://www.lboro.ac.uk/gawc/world2008t.html |title=The World According to GaWC 2008 |work=Globalization and World Cities Research Network |publisher=GaWC Loughborough University |access-date=April 29, 2009 |archive-date=August 26, 2011 |archive-url=https://web.archive.org/web/20110826010640/http://www.lboro.ac.uk/gawc/world2008t.html |url-status=live }}</ref> [[McDonald's]]; and [[Walgreens Boots Alliance]].<ref>{{cite web |title=Dow 30 Companies |publisher=CNNMoney |url=https://money.cnn.com/data/dow30/ |access-date=July 21, 2019 |archive-date=April 24, 2013 |archive-url=https://web.archive.org/web/20130424101006/http://money.cnn.com/data/dow30/ |url-status=live }}</ref> For six consecutive years from 2013 through 2018, Chicago was ranked the nation's top metropolitan area for corporate relocations.<ref>{{cite web |title=Chicago Named Nation's Top Metro Area for Corporate Relocation For the Sixth Straight Year |url=http://www.worldbusinesschicago.com/chicago-named-nations-top-metro-area-for-corporate-relocation-for-the-sixth-straight-year/ |website=World Business Chicago |access-date=July 21, 2019 |date=March 25, 2019 |archive-date=July 21, 2019 |archive-url=https://web.archive.org/web/20190721185936/http://www.worldbusinesschicago.com/chicago-named-nations-top-metro-area-for-corporate-relocation-for-the-sixth-straight-year/ |url-status=dead }}</ref> However, three [[Fortune 500|''Fortune'' 500]] companies left Chicago in 2022, leaving the city with 35, still second to New York City.<ref name=ChicagoBusinessExodus3>{{cite web|url=https://www.illinoispolicy.org/chicagos-fortune-500-headquarters-are-shrinking/|title=Chicago's Fortune 500 headquarters are shrinking|author=Dylan Sharkey|publisher=Illinois Policy|quote=Chicago has lost three Fortune 500 headquarters in 2022.|date=October 17, 2022|access-date=November 9, 2022|archive-date=November 15, 2022|archive-url=https://web.archive.org/web/20221115231134/https://www.illinoispolicy.org/chicagos-fortune-500-headquarters-are-shrinking/|url-status=live}}</ref>

Manufacturing, printing, publishing, and food processing also play major roles in the city's economy. Several medical products and services companies are headquartered in the Chicago area, including [[Baxter International]], [[Boeing]], [[Abbott Laboratories]], and the Healthcare division of [[General Electric]]. Prominent food companies based in Chicago include the world headquarters of [[Conagra]], [[Ferrara Candy Company]], [[Kraft Heinz]], [[McDonald's]], [[Mondelez International]], and [[Quaker Oats]].{{citation needed|date=March 2022}} Chicago has been a hub of the [[retail]] sector since its early development, with [[Montgomery Ward]], [[Sears]], and [[Marshall Field's]]. Today the Chicago metropolitan area is the headquarters of several retailers, including [[Walgreens]], [[Sears Holdings Corporation|Sears]], [[Ace Hardware]], [[Claire's]], [[ULTA Beauty]], and [[Crate & Barrel]].{{citation needed|date=March 2022}}

Late in the 19th century, Chicago was part of the [[Bike boom#1890s|bicycle craze]], with the Western Wheel Company, which introduced [[stamping (metalworking)|stamping]] to the production process and significantly reduced costs,<ref>{{harvnb|Norcliffe|2001|p=107}}</ref> while early in the 20th century, the city was part of the automobile revolution, hosting the [[Brass Era car]] builder Bugmobile, which was founded there in 1907.<ref>{{harvnb|Clymer|1950|p=178}}</ref> Chicago was also the site of the [[Schwinn Bicycle Company]].

Chicago is a major world convention destination. The city's main convention center is McCormick Place. With its four interconnected buildings, it is the largest convention center in the nation and third-largest in the world.<ref>{{cite web |url=http://www.exhibitorhost.com/US_Largest_Convention_Centers.html |title=Retrieved January 26, 2010 |publisher=Exhibitorhost.com |date=September 26, 1987 |access-date=April 17, 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100315090242/http://www.exhibitorhost.com/US_Largest_Convention_Centers.html |archive-date=March 15, 2010}}</ref> Chicago also ranks third in the U.S. (behind [[Las Vegas]] and [[Orlando, Florida|Orlando]]) in number of conventions hosted annually.<ref>{{cite news |last=Carpenter |first=Dave |title=Las Vegas rules convention world |url=http://usatoday30.usatoday.com/travel/destinations/2006-04-26-convention-cities_x.htm |newspaper=[[USA Today]] |agency=[[Associated Press]] |date=April 26, 2006 |access-date=January 6, 2014 |archive-date=April 27, 2019 |archive-url=https://web.archive.org/web/20190427054312/http://usatoday30.usatoday.com/travel/destinations/2006-04-26-convention-cities_x.htm |url-status=dead }}</ref>

Chicago's minimum wage for non-tipped employees is one of the highest in the nation and reached $15 in 2021.<ref>{{cite web |title=Minimum Wage |url=https://www.chicago.gov/city/en/depts/bacp/supp_info/minimumwageinformation.html#:~:text=As%20of%20July%201%2C%202020,with%2021%20or%20more%20workers. |website=www.chicago.gov |access-date=July 24, 2020 |language=en |archive-date=July 24, 2020 |archive-url=https://web.archive.org/web/20200724030007/https://www.chicago.gov/city/en/depts/bacp/supp_info/minimumwageinformation.html#:~:text=As%20of%20July%201%2C%202020,with%2021%20or%20more%20workers. |url-status=live }}</ref><ref>{{cite news |last1=Elejalde-Ruiz |first1=Alexia |title=Chicago City Council raises minimum wage to $15 by 2021, but restaurant servers still will get lower tipped wage |url=https://www.chicagotribune.com/business/ct-biz-chicago-minimum-wage-approved-20191126-esp6g6do6nhzjfl7i7yphbfmrm-story.html |access-date=February 1, 2020 |work=chicagotribune.com |archive-date=November 27, 2019 |archive-url=https://web.archive.org/web/20191127023209/https://www.chicagotribune.com/business/ct-biz-chicago-minimum-wage-approved-20191126-esp6g6do6nhzjfl7i7yphbfmrm-story.html |url-status=live }}</ref>