1. CITY SYNOPSIS:
CHICAGO
Although some would
place Chicago in the long
shadow of NewYork City,
there is no doubt that this
classic American city is
a cultural and economic
capital. In fact, Chicago is
among the most dynamic
and alluring urban
destinations in the world.
A global financial and
manufacturing hub,
Chicago boasts the most
diversified economy of
any U.S. city and is home
to some of the world’s
largest and most profitable
companies.1
It bustles with
economic activity, making
it a compelling place to
work, but many residents
say that its historical and
cultural aspects are really
what make it special.
Chicago’s world-famous
professional sports teams –
the Bears in football, the
Cubs and White Sox in
baseball, the Blackhawks
in hockey, and the Bulls
in basketball – carry their
own legends and lore, and
they support Chicago’s
endearing image as the
gritty underdog, always
fighting to earn its place
among the world’s
great destinations.
ABOUT CHICAGO
FACTS
>> Country: United States
>> Population: 2.7 million
>> Climate: Variable, with distinct
seasons. Warm, humid summers
and cold, snowy winters
>> Languages: English
>> Industries: Banking, manufacturing,
tourism, biotechnology, health services
>> Nickname: The Windy City, Chi-Town
>> Dominant modes of transport:
Auto, train, bus, walking (downtown)
ECONOMIC TRENDS
As the major commercial and transportation
gateway to the American west, Chicago has
long been a diversified economic powerhouse.
Home to more than 400 major corporate
headquarters, it is also the base of operations
for 31 Fortune 500 companies.2
See Figure 1
for a representative list of the multinational
companies with a strong presence in Chicago.
Chicago’s economy, like many, was bruised by
the recent economic downturn, though today it
shows its characteristic vigor. The city’s jobless
rate has fallen to a level comparable to other
major American cities, and economic indicators
in Chicago’s key sectors – manufacturing,
particularly – have pleasantly surprised
many analysts.3
Some suggest that Chicago’s modest economic
recovery – as compared to neighboring states,
which are home to the U.S. auto industry –
has actually been because of its comparative
economic diversity. The volatility of the auto
industry has provided a swift upswing, leaving
Illinois (seemingly) behind. But economists agree
that diversification is a stabilizing influence and
a strong long-term strategy. Today, no single
industry employs more than 14-percent of
Chicago’s workforce.4
GETTING AROUND
Chicago has long embraced public
transportation, and its networks are substantial
and efficient. The city’s rail line is popular, and
the traditional surface trains appear in many
city photographs. The Chicago Transit Authority
maintains extensive bus networks, too, for
legions of commuters and visitors alike.
1
World Business Chicago. www.worldbusinesschicago.com/economy.
2
Ibid.
3
Crain’s Chicago Business. www.chicagobusiness.com.
4
World Business Chicago. www.worldbusinesschicago.com/economy.
FIGURE 1: MULTINATIONAL
COMPANIES WITH PRESENCE
IN CHICAGO
List is representative, not exhaustive.
>> Boeing (U.S.)
>> General Electric (U.S.)
>> Bank of America (U.S.)
>> Capital One (U.S.)
>> JPMorgan Chase (U.S.)
>> BMW (Germany)
>> ABN AMRO (The Netherlands)
>> Experian (Ireland)
>> UBS (Switzerland)
>> Siemens (Germany)
>> Takeda Pharmaceutical (Japan)
2. Travel by car brings congestion typical of such a large city, though
traffic is not as notorious as New York’s. Chicago’s taxi system was
revamped in 2012, making credit card readers and GPS mandatory in
all vehicles. Three-quarters of Chicago’s taxis are either hybrids or run
on alternative fuel.5
One factor that can surprise newcomers when it comes to getting around
is the weather. Chicago can be cold and blustery in the winter, making
driving (and movement in general) a challenge. Native Chicagoans tend
to embrace a “lean into the wind and go” attitude, but assignees should
anticipate the challenge and build in some extra time.
QUALITY OF LIFE
Chicago’s diversity, history, second-to-none architecture and world-class
museums make it a fascinating place to live. Those who are curious and
enjoy exploring new settings will find endless stimulation and educational
opportunities. The people of Chicago, many agree, are its best asset, and
assignees can count on a welcoming, tolerant, multicultural atmosphere.
The city’s economic strength and robust infrastructure contribute to its
high quality of life. Some visitors note how clean the city is, as well as
how Chicago is more spacious – and less imposing – than New York City.6
It is known to be a livable city, and the popular topics of sports and food
provide easy conversation starters with exuberant and dedicated locals.
Despite its location in the American heartland, the city’s location on the
shores of Lake Michigan provides a coastal feel. The lake also provides
a cooling effect in the summer, compared to nearby areas in the Midwest.
HOUSING
Chicago is well known for its many distinct neighborhoods, which
represent various national, cultural and religious groups. Although they
can be somewhat daunting, these unofficial mini-regions provide rich
opportunities to sample food and cultural events in the communities that
have built and shaped this compelling city from the start. For assignees,
these neighborhoods provide endless entertainment options and showcase
the influences of many immigrant groups.
Despite seeming complex, Chicago’s housing market can be organized into
several popular regions. The North Side/Lakefront area is popular for its
proximity to Lincoln Park, and it has many apartments and brownstone homes,
making it a good choice for families. Downtown, expectedly, is a fast-paced,
more expensive option well suited for assignees without families. The West
Side tends to be more affordable than other regions, while the South Side is
the ethnically diverse home to the University of Chicago.7
COST OF LIVING
Although it is cheaper than New York, Boston and San Francisco, Chicago
can be an expensive place to live. However, Chicago’s inherent diversity
means that discerning newcomers can often find a match for their income
and preferences.
Chicago is one place where median pricing – the common method of
judging costliness – can be an inadequate way to make decisions. That’s
because of the sheer range of prices in most housing and consumer
markets in the Chicago area. In one neighborhood, for example, the
median home value might be $1.5 million, but that figure can belie the
range of options available to buyers.
Dining out in the city center might create some sticker shock, and
groceries, depending on location, can be somewhat costly. However, given
that Chicago is such a rich place of commerce, choices abound for those
willing to explore.
See Figure 2 for a list of everyday items and prices in Chicago. See Figure
3 for a comparison of Chicago’s cost of living compared to London, which
ranks at 100.
5
“Chicago says taxi medallion auction to raise $18 million.” Daily Chronicle, September 14, 2013.
6
BritishExpats.com. Forum: http://britishexpats.com/forum/usa-57/chicago-whats-like-living-there-403086/.
7
InterNations. “Expat Guide Chicago for Working and Living in Chicago.” www.internations.com.
8
www.numbeo.com. March 30, 2016.
9
Ibid.
FIGURE 2: PRICE OF COMMON ITEMS
IN CHICAGO8
*
USD EUR GBP SGD
Single meal at an
inexpensive restaurant
$15.00 13.25 € £10.43 $20.27
Bottle of wine $12.00 10.60 € £8.34 $16.22
One-way transportation
ticket
$2.25 1.99 € £1.56 $3.04
Pair of sport shoes $81.49 71.98 € £56.65 $110
One-bedroom city
apartment (monthly rent)
$1,587 1,402 € £1,103 $2,145
Imported beer at a
restaurant
$6.46 5.71 € £4.49 $8.73
*Note: current currency conversions reported on March 30, 2016.
FIGURE 3: COST OF LIVING IN CHICAGO
COMPARED TO LONDON9
Consumer price index 91.11
Rent index 63.90
Groceries index 120.91
Restaurants index 85.06
Consumer price plus rent index 78.79
Local purchasing power 138.74
