In the state of Illinois, Chicago is one of the most populous cities. Chicago was formed as a city in 1837 near a portage between the Great Lakes and the Mississippi River watershed and then saw a rapid growth in the 19th century. In 1871, the Great Chicago Fire destroyed most of the city and left about 100, 000 people homeless. But, the city made a synergetic effort to rebuild all the destroyed property. With this development in the construction, The City then also saw a growth in its population in the following decades.
Today, Chicago is an international hub for finance, culture, commerce, industry, education, technology, telecommunications, and transportation. The City is also the site for the creation of the first standardized futures contracts. Today, it is one of the largest and most diverse derivatives markets in the world.
In the United States, the gross metropolitan product of Chicago is the third largest, which is about $670.5 billion. The City shows a high level of diversification and has been rated to have the most balanced economy in the United States. In the year 2014, the Chicago metropolitan area also recorded the highest number of new or expanded corporate facilities in the United States.
The city is also known to be the base of commercial operations of industrialists like John Crerar, John Whitfield Bunn, Richard Teller Crane, Marshall Field, John Farwell, and Julius Rosenwald, and many more who have laid the foundation of global industry. The City is also known to be home to 12 Fortune Global 500 companies and 17 Financial Times 500 companies.
The City is considered a major world financial center and is also the second-largest central business district in the United States. It is home to the Federal Reserve Bank of Chicago and also has prime financial and futures exchanges. These include the Chicago Stock Exchange, Chicago Board Options Exchange, and Chicago Mercantile Exchange. The Chicago Mercantile Exchange (the Merc) along with the Chicago Board of Trade is owned by Chicago’s CME Group. The city is also home to Dow 30 companies and also the aerospace giant Boeing that moved its headquarters from Seattle to Chicago in 2001.
Other major industries include manufacturing, food processing, printing, publishing, etc. The headquarters of some of the prominent food companies are based in The City. These include Quaker Oats, US Foods, and McDonald’s, etc. The city has also been a hub for the retail sector since its early development. Not just the industries, but The City also ranks third in the world as a convention destination. Several conventions are held in The City every year.
The Culture and Contemporary Life of Chicago
Apart from being a home to several headquarters of prominent industries, the city is also a cultural center. The city’s waterfront location and vibrant nightlife have attracted people from over the world. The City has several deluxe dining options and also ethnic restaurants across districts. Some of the famous restaurants include Little Italy along Taylor Street, Chinatown in Armour Square, Little Seoul in Albany Park, and the Desi area along Devon Avenue.
Downtown the city is most famous for the city’s financial, governmental, cultural, and commercial institutions. “The Loop” is the city’s eight-by-five-block area which is encircled by elevated rail tracks. The areas adjoining The Loop have many famous skyscrapers, restaurants, museums, shopping centers, and many more.
The Hyde Park is a neighborhood in the South Side, which is also the home of former President, Barack Obama. The University of Chicago, the world’s first-ranked university is also situated in the same neighborhood. There also is the Museum of Science and Industry.
Chicago – A Tourist’s
As of 2014, The City was a hotspot for around 50.17 million domestic leisure travelers, 11.09 million domestic business travelers, and 1.308 million overseas travelers. What draws tourists around the world to The City are the upscale shopping centers like the Magnificent Mile and State Street. But it is not just about shopping, the several restaurants around the city are a food lover’s paradise.
The Willis Towers is another famous destination for tourists. There is an observation deck on the Willis Towers which is open for the tourists all year round. People generally like enjoying the high overlooking views of The City and Lake Michigan from up there.
The other thing that attracts tourists is the cuisine of The City. The city offers a wide variety of different cuisines that reflect its ethnic and working-class roots. Some of the dishes that are renowned nationally include the deep-dish pizza, the Chicago style, the Italian beef sandwich, which is a distinctly Chicago style sandwich, and many more. The city is also home to one of the world’s most decorated restaurants which is a recipient of three Michelin stars, Alinea. Many of the well-known chefs have had their restaurants in Chicago. The City is thus not just an important economic, but also a famous culture in the United States with so much more to explore!
More From The Enterprise World