Chicago

United States of America COUNTRY

2,705,994 CITY POPULATION

Mayor–Council GOVERNMENT TYPE

Introduction

Chicago is situated in north-eastern Illinois, the United States, covering 606.1 km2. It lies on the southwestern shores of the famous Michigan lake. Providing a home to 2,716,450 people, Chicago has become the most populated city of Illinois as well as the Midwestern United States. The city of Chicago comprises of 100 neighborhoods and is the largest city in the whole state.

Globalization and World Cities Research Network honored the city of Chicago as an alpha worldwide city in the year 2012. And it ranked seventh in the Global Cities Index of 2017. Furthermore, in the Time Out City Life Index, 2018, Chicago was standing in front of the whole pack. Chicago is an economically diverse city that serves as a technological hub.

Data and facts

In 2010 the census reported the county’s population as 2,695,598 people which implies approximately 7 % drop over the period of 10 years. Now portraying an increase in the population, the city recorded 2,716,450 residents with 50 wards and 77 community areas
The sex ratio of the city is female dominant comprising 48.5% males and 51.5% females. While the racial blend display diversity as per the 2010 census, recording 44%White, 4% Asian, 30% black and 13.4% other races.
In 2016 the annual gross regional product was totaled to be more than US$ 609 billion. The cost of doing business index in Chicago recorded the reading of 98.3.
Chicago operates 20% of the world’s global derivates trading market. In 2017 the exchanges based in Chicago yielded 4.9 billion in the yearly global derivatives trading volume.
In the year 2018 the gross metropolitan product recorded as US$ 703.9 billion, which made the city 20th largest economy of the world.
The median household income in 2018 was reported to be US$ 55,198, per capita income in the past 12 months for the year 208 was US$34,775 and the percent of people in poverty was recorded as 19.5%
In 2018 the unemployment rate for the city was indicated as 3.6.

Administration

The city of Chicago is governed by the executive and legislative together. The City elects its Mayor as the chief executive for 4 years. Similarly, the treasurer and the clerk are elected by the residents. Whereas commissioners and other officials are appointed by the elected mayor. The legislative branch is formed by the City Council that comprises of 50 elected aldermen, with each ward supervised by a single Council member.

Economy

The city of Chicago became one of the largest economies in the world by yielding an annual GRP of more than US$ 609 billion. The city’s economy also features diversity and high employment rates with more than four million employees. Chicago holds economic importance for both the sate and the country. There are over 400 major corporate headquarters operating in the city.

The prosperous economy of Chicago is the result of cooperation among various and variegated industries ranging from automobile manufacturing to the development of information technology. Some of the major industries include-

Manufacturing

Food manufacturing, metals, and plastics manufacturing are the major activities carried out to boost the economy. The reason behind Chicago’s successful manufacturing industry is its prime geographical location and easy access to all necessary modes of transportation which allows the companies situated in Chicago to easily approach the rest of the world.

Business services

Over 60000 business service companies are located in Chicago including the headquarters of leading world companies such as Aon Hewitt, Mayer Brown and Deloitte.

Information technology

The country’s major information technology companies are sited in Chicago. This sector witnessed an increase in employment by 3538 in the year 2016 and in 2015 it recorded a rise in GRP by 7.2%.

Other influential industries involve biotech fabricated metals fintech freight health services and medical technology.

Business Environment

The city features an exceptionally welcoming business community. Where 1.8 k foreign-based companies are settled in Chicago, the major Chicago based companies are spread across 170 countries occupying more than 8000 locations. Chicago witnesses almost 370 start-ups pop up every year. The city business is fuelled by innovation and globalization.

Infrastructure

From 2005 to 2015 the contribution of renewable resources in energy production has increased from 1% to 5.4% The state’s alliance with GridWise helped Illinois to rank 2nd in the United States for the development in modernizing the energy grid. 23 wind companies are settled in Chicago catering to the energy needs of residents. For transportation, Chicago offers rail lines highways and two international airports.

Technology

The city of Chicago encourages technological developments and aims at providing easy access to the residents. The city thrives to use digital advancement to ensure participation for the 21st century online economic and social domains. One of the city’s benchmark achievement is 1871. 1871 is the entrepreneurial hub for digital start-ups. It has been globally ranked 4th in the UBI Global list f Top University- companies and 1St in the United States. The Illinois Technology Association has been promoting as the supreme spot for tech talents. Chicago is home to several major tech companies including Echo Global Logistics, Enova, Morningstar, Motorola solutions, Slalom, Sprout social and various other tech companies.

Social wellness and human resource

Along with the hub of economic activities, the city takes good care of its residents. There are 95 hospitals in the Chicago metro along with 6 medical schools and over 28400 physicians practicing patient care. Chicago public schools are operating in the city to provide high-quality education to the students under the supervision of the Chicago board of education.