Why Chicago is the Place to Be for Business—Now and in the Future

NEWS

08.22.2024

Why Chicago is the Place to Be for Business—Now and in the Future

As we conclude this historic week with the Democratic National Convention putting Chicago in the global spotlight, the city’s energy and economic strength are on full display.

Earlier this week, World Business Chicago hosted A Toast to Chicago’s Business & Culture at the Adler Planetarium, a special event timed with the arrival of national business decision-makers in town for the convention. The evening wasn’t just about networking—it was a demonstration of Chicago’s holistic approach to economic growth, which spans everything from corporate recruitment to workforce development, equity initiatives, and strategic collaborations.

As the late Anthony Bourdain once said,

“You wake up in Chicago, pull back the curtain and you KNOW where you are. You could be nowhere else. You are in a big, brash, muscular, broad-shouldered mother****in’ city.”

That spirit was front and center as we showcased to prospective business leaders why Chicago is the best place to start, expand, or relocate a business. Under Mayor Brandon Johnson’s leadership, the city has deepened its ties with the business community, driving real progress in attracting new investments and fostering meaningful relationships. The event brought together economic development prospects, CEOs, and key partners representing billions of dollars in economic activity and tens of thousands of jobs—critical drivers that are shaping the future of our region.

“The Democratic National Convention provided an incredible platform to spotlight Chicago’s economic strengths directly to the business leaders and decision-makers driving the future of growth,” said Phil Clement, President & CEO, World Business Chicago. “This week has been filled with non-stop, high-impact conversations with executives representing billions in potential investments and tens of thousands of jobs across every key growth industry we target. One of the most effective ways we showcase Chicago’s unique advantages is by connecting our city’s CEOs with those considering a move here. It’s a powerful way to highlight one of our city’s greatest assets—the collaborative civic spirit that truly sets Chicago apart.”

Pin Ni (in center) and associates of Wanxiang America joined us at our recent business showcase. Founded in 1994, the Elgin-based company has grown into a major global player, investing over $15 billion and employing 18,000+ worldwide.

The event’s showcase spotlighted ten key stats underscoring why Chicago continues to be a global hub for business:

#1 Metro for Corporate Relocation – Chicago has led the U.S. in corporate relocation and site selection for 11 consecutive years.
Fortune 500 Central – Chicago ranks #2 in the U.S. for Fortune 500 headquarters, with 35 major companies calling our city home.
America’s Most Diverse Economy – No single sector dominates more than 13% of Chicago’s GDP, making it more resilient than other metro areas.
#3 Metro Economy in the U.S. – With an $860 billion GDP, Chicago’s economy ranks third in the nation.
Talent Magnet – Our metro area is home to over 145,000 university students, with more than 450,000 within a four-hour drive, ranking Chicago #3 in the nation for talent pipeline.
Academic & Research Powerhouse – With four R1 research universities and leading national labs like Argonne and Fermilab, Chicago is a center for breakthrough discoveries.
Workforce Powerhouse – Chicago’s 5-million-strong workforce is a driving force behind business growth.
Top Growth Sectors – Chicago is booming in technology (32.4% growth), professional services (13.2%), and health/social assistance (9%).
Innovation Hotspot – Recent wins like PsiQuantum’s Chicago campus ($1B+), the Doc Midwest Hydrogen Hub ($1B), and the Chan Zuckerberg Biohub ($250M) demonstrate our commitment to future-focused industries.
O’Hare International Airport – One of the top U.S. ports by trade, O’Hare handled over $271 billion in goods in 2023 alone.

With the world’s eyes on Chicago—this moment holds even greater significance. As we continue to promote Chicago’s strengths, we invite you to share these facts with your network and help us keep the momentum going.

Why Chicago is the Place to Be for Business—Now and in the Future