Chicago, IL

Chicago is a pivotal economic hub in the United States, boasting a diverse business environment with strengths in finance, manufacturing, technology, and real estate.

As of 2020, its gross metropolitan product (GMP) was approximately $770.7 billion, making it the third-largest in the U.S. The city is home to 35 Fortune 500 companies, including major players like McDonald's, Kraft Heinz, and United Airlines Holdings. Its financial sector is particularly notable, housing the Federal Reserve Bank of Chicago and globally influential exchanges such as the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE).

In recent years, Chicago has invested heavily in innovation, especially in technology. Initiatives like the Illinois Quantum and Microelectronics Park aim to position the city as a leader in quantum computing. However, challenges remain, particularly in real estate and corporate retention. Downtown office vacancies have led to a $150 million program to convert unused commercial spaces into residential units. Additionally, prominent companies like Boeing and Caterpillar have moved their headquarters out of Chicago, citing factors such as crime and tax policies. Despite these hurdles, the city’s efforts to diversify its economy and attract emerging industries indicate a strong potential for sustained growth.

In Chicago, IL Transform Labs provides technology advising (fractional 
CTO/fractional CIO services), custom software design, custom software development, and application and system integration.