Opinion: Chicago’s Current Business Development Outlook
World Business Chicago drives inclusive economic growth and job creation by supporting businesses and promoting Chicago as a leading global city. As a part of this, our business development team is dedicated to studying the market, researching financing and incentive programs and assisting businesses of all industries in relocating or expanding in Chicago.
Dennis Vicchiarelli, Executive Vice President of Business Development for World Business Chicago, shared his thoughts on the current business outlook in Chicago today.
In your opinion, what industries have seen the most growth within the past 5 years? Can you provide some thoughts on why these areas are experiencing increased growth?
As the country’s most diversified economy, we are witnessing growth across all industry sectors. Of note is the strong growth in all areas of technology. There have also been high levels of expansion activity in the business services and finance sectors. In addition, we have witnessed very significant growth in the transportation and food and beverage industry as those two clusters solidify their positions as the nations’ leaders.
What are you most optimistic about regarding business development in Chicago?
I am quite optimistic about the growth in the technology areas. Chicago’s strong location advantages in this area are becoming apparent to businesses everywhere, and the city is starting to be recognized as a global leader when it comes to innovation.
In your experience, what are the top 5 reasons businesses choose Chicago?
In my opinion, the top reasons businesses come to Chicago are:
- Abundance of highly skilled human capital
- Global access and strong transportation networks
- Growing culture of innovation
- Amazing quality of life
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