Economy
Main article: Economy of Chicago See also: List of companies in the Chicago metropolitan area, Chicagoland Chamber of Commerce, and Economy of IllinoisThe Chicago metropolitan area is home to the corporate headquarters of 57 Fortune 1000 companies, which includes Boeing, McDonald's, Motorola, Discover Financial Services, United Continental Holdings, Walgreens, and Aon among others, representing a diverse group of industries. The area is a major global financial center, and Chicago is home to the largest futures exchange in the world, the CME Group (Chicago Mercantile Exchange). In March 2008, the Chicago Mercantile Exchange announced its acquisition of NYMEX Holdings Inc, the parent company of the New York Mercantile Exchange and Commodity Exchange. CME'S acquisition of NYMEX was completed in August 2008.
A key piece of infrastructure for several generations was the Union Stock Yards of Chicago, which from 1865 until 1971 penned and slaughtered millions of cattle and hogs into standardized cuts of beef and pork.
The Chicago area, meanwhile, began to produce significant quantities of telecommunications gear, electronics, steel, crude oil derivatives, automobiles, and industrial capital goods.
By the early 2000s, Illinois' economy had moved toward a dependence on high-value-added services, such as financial trading, higher education, logistics, and health care. In some cases, these services clustered around institutions that hearkened back to Illinois's earlier economies. For example, the Chicago Mercantile Exchange, a trading exchange for global derivatives, had begun its life as an agricultural futures market.
In 2007, the area ranked first among U.S. metro areas in the number of new and expanded corporate facilities. It ranked third in 2008, behind the Houston–Sugar Land–Baytown and Dallas–Fort Worth metropolitan areas, and ranked second behind the New York metropolitan area in 2009.
The Wall Street Journal summarized the Chicago area's economy in November 2006 with the comment that "Chicago has survived by repeatedly reinventing itself."
Read more about this topic: Chicago Metropolitan Area
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)