Chicago is the 3rd largest city in the United States and the largest in Illinois. It is home to several landmarks including the Art Institute of Chicago, Millennium Park, Chicago Water Tower, and Wrigley Field (home of the Cubs). There are thousands of companies located in the city with transportation, trade, business services, education/health services, government, and manufacturing as the top industries by employment. In addition, there are 36 Fortune 500 companies and 409 Largest Privately Held Companies in the metropolitan area. Chicago has received numerous awards including the 2021 Best Big City, 2nd Most Beautiful City, and a Top Metro Area for Business Investment.
Chicago’s Economic Profile
The city’s economy is composed of a diverse mix of small businesses to large Fortune 500 and publicly traded entities. There are more than 540,000 businesses located in Chicago with an employment increase of 141,000 jobs over the last 12 months. Since November 2021, the largest employment gains were experienced in the hospitality, transportation and utilities, professional services, and health/education industries. Beyond this, the Windy City is home to more than 400 major corporate facilities, including 31 in the S&P 500.
Chicago Business Incentives
Beyond the state tax incentives, there are also several tax incentives and funding programs available to Chicago area companies. Eligibility depends on several factors but often includes hiring practices, the type of business conducted, and several other factors. Programs include the Small Business Improvement Fund, Cook County Property Tax Incentives, Industrial Development Revenue Bonds, and the Enterprise Zone Program.
Chicago Business Resources
- Starting a Business – City of Chicago
- Business Licenses -City of Chicago
- Inspections, Permits, and Licensing
- Chicago COVID-19 Guidance for Employers
- World Business Chicago
- Small Business Administration – Chicago (IL)
- Federal Reserve Bank – Chicago
- Tax Planning & Consulting
- Business Valuations
- Chicago Outsourced Accounting
Interesting Facts About Chicago
- The Chicago River is the only river in the world that permanently flows backward.
- The sport of softball was invented in the area in 1837.
- Historic Route 66 starts in the Windy City.
- Every St. Patrick’s Day the Chicago River is dyed green.
- The 1860 Republican National Convention was held in Chicago.
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There are many advantages to doing business here. If you have questions about a specific issue or simply need assistance getting established Selden Fox help. For additional information call us at 630-954-1400 or complete the form below. We look forward to speaking with you soon.