Chicago’s Economy

/Chicago’s Economy

Skyscrapers, church steeples, and smokestacks are renowned to occupy Chicago. But that’s not the only thing Chicago is famous for; its impressive economy will amaze you, the fact that it has a port and is a rail hub significantly contributed to its economic advantage. All of the development can be seen in a trade show. Production and transportation of goods and services became easy, leading to the growth of various industrial sectors in Chicago. Today, Chicago’s economy is one of the most developed economies in the world. Manufacturing Though the automobile manufacturing sector is not dominant in Chicago, the other industries thrived in the 20th century with electronics and radio leading the list. Despite being hit by the great depression where many sectors sort refuge in the West and South with their headquarters still in Chicago, the manufacturing industry stood firm and overcame that awful period. Today, Chicago is a hub of manufacturers. Financial Sector Today, the finance sector employs approximately 33% of Chicago’s workforce. It is this sector that has led the manufacturing industry to grow from minor to mega. Its great financial sector has turned Chicago into a great thriving trading centre. In the mid-20th century, the Chicago Stock Exchange got renamed to as the Midwest Stock Exchange due to its competence in handling corporate securities. In 1993, it got restored to its original name. Thanks to the stock exchange, financial functions and banks, LaSalle Street district has emerged as the region’s dominant trade area with electronics being the product traded most. After New York City, Chicago is renowned as a national hub for finance. Transportation Just like in the ancient times, Chicago is the country’s hub for rail transportation. Many passengers commute to and fro within the Union Station. Goods get transported easily and fast to various destinations within the state by use of freight carriers. The government has done a commendable job over time in expanding the air routes. Municipal Airport, located on the Southwest Side has developed to be Chicago’s busiest air hubs. The Lake Shore Drive divided highway is a good indicator of the love for the automobile by Chicago. Today, modern roads network rock all over Chicago, thanks to the Interstate Highway Act established in 1956. Administration Just like its people, Chicago’s government is complex. A 4-year term elected mayor leads the city and contains fifty wards. The aldermen get elected from each ward and hold all the power at the city council. What the mayor does must get approved by the aldermen. Municipal Services Franchised private corporations offer gas, cable-television, and electric services to Chicago, but it owns and manages the water system. It prides itself in supplying its healthy drinking water which it extends to the surrounding suburbs through extended pipes. It collects its trash and maintains the sewer system. As illustrated above, Chicago is not only a hub of economic activities but also a developed up to date city. Chicago’s economy has succeeded in attaining its place globally as one of the most developed economies. By embracing technology, it has emerged as a hub of development in every sector.