Tuesday, February 26, 2008

Economy of Chicago


Chicago has a highly diversified economy that has been aided by an extensive transportation and distribution network.

It is the nation’s most important rail and trucking center and is the location of one of the busiest airports in the United States, Chicago-O’Hare International Airport.

Chicago has several commuter railroad lines that serve the suburbs.
In addition, the Chicago Transit Authority operates bus, subway, and EL (elevated train) services in the city.

The city is a significant port for both domestic and international trade. Great Lakes freighters and river barges deliver bulk commodities such as iron ore, limestone, coal, chemicals, petroleum, and grain. Some of this freight is destined for processing plants in the heavily industrialized Calumet River area.

Foreign vessels arrive via the St. Lawrence Seaway, bringing products such as automobiles, steel, fish, and alcoholic beverages. The boats depart carrying machinery, farm equipment, hides, and lumber, as well as a variety of food products.

Manufacturing employs about one-fifth of the metropolitan area’s workers.

Chicago’s largest employer is the food products industry, followed by the printing and publishing, metal fabrication, electronic equipment, chemical, machinery, and transportation-equipment industries.

The manufacture of furniture and agricultural implements has declined in importance in recent decades.

Chicago is one of the nation’s leading producers of steel, metalware, confectionery, surgical appliances, railroad equipment, soap, paint, cosmetics, cans, industrial machinery, printed materials, and sporting goods.

Chicago contains the headquarters of numerous corporations and is an important wholesale market for grain, machine tools, produce, fish, and flowers.

The Chicago Board of Trade and the Chicago Mercantile Exchange are among the world’s largest commodities markets and have led in the development of futures trading and related concepts.

The city has long been an important convention and trade-show center, with numerous hotels and extensive exhibition facilities.

The increasing importance of this industry has made it necessary to renovate and enlarge several facilities, including the McCormick Place (built in 1960), a multipurpose facility on Lake Michigan and the largest trade-show facility in North America.

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