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:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)