Companies Moving to Chicago: Breaking Down the Reasons
As a business owner, you constantly strive to make decisions that benefit your company’s growth and success. One of these critical decisions is where to locate your business or whether to consider relocating it.
Chicago has been steadily attracting companies from various industries, and it’s crucial to understand why. Some of the largest companies in Chicago include well known businesses, such as McDonald’s, Boeing, Accenture, United, and FedEx.
Like these top companies in Chicago, there are many other companies moving to Chicago and making it home to their headquarters.
In this article, we will explore the reasons why companies are choosing to move to the Windy City, the notable names that have made this transition, and the factors that make Chicago an appealing destination for CEOs like yourself.
Which Companies Are Relocating to Chicago? Successful Chicago Based Companies
Since most of these companies have relocation packages and policies, employees feel a sense of commitment towards the companies and feel more than happy working there. These are some of the major companies in Chicago that have successfully relocated and even expanded over the past few years.
Grubhub, a prominent player in the food delivery industry, made headlines when it became one of the newest companies headquartered in Chicago in 2014. The decision was driven by the city’s central location, which allowed them to better serve a wide range of customers while providing convenient access to a diverse talent pool.
Caterpillar, a global leader in construction equipment manufacturing, relocated its headquarters from Peoria, Illinois, to Chicago in 2017. The move aimed to position the company closer to transportation hubs and enhance its global accessibility. Chicago’s strategic location at the heart of the nation’s transportation network was a compelling factor.
Northern Trust, a financial services company, has been a part of Chicago’s business landscape for over a century. As one of the top companies based in Chicago, they’ve recently expanded their presence in the city. Northern Trust’s commitment to Chicago highlights the city’s significance as a financial hub.
Vyond, a video animation software company, relocated its headquarters to Chicago in 2019. The decision was driven by Chicago’s thriving tech ecosystem and access to a robust talent pool in the technology and creative sectors.
TransLoop, a logistics and transportation company, established its headquarters in Chicago in 2018. The city’s central location and well-connected transportation infrastructure played a pivotal role in their decision, enabling efficient nationwide operations.
Chime, a financial technology company, expanded its footprint in Chicago in 2020. The city’s growing tech community, coupled with its access to financial services talent, made it a strategic choice for Chime’s continued growth.
Food Rocket, a startup in the food delivery industry, chose Chicago as its headquarters in 2021. Chicago’s vibrant food scene and a large customer base were key factors in their decision, allowing them to establish a strong presence in the city.
Auto Approve, an online lending platform for auto financing, also decided to relocate its headquarters to Chicago in 2022. The city’s business-friendly environment and proximity to major financial institutions made it an attractive destination.
Ovative Group, a digital marketing and analytics company, expanded its operations in Chicago in 2021. The city’s thriving marketing and advertising industry and access to top-tier marketing talent were key drivers behind this decision.
What Makes Chicago a Top Choice for CEOs?
These are some of the main reasons CEOs have put their corporate offices in Chicago.
Chicago’s vibrant economy is a primary attraction for CEOs considering relocation. The city’s diverse economic landscape encompasses industries such as finance, technology, manufacturing, healthcare, and logistics.
The presence of a broad range of businesses fosters an environment of innovation and collaboration, making it an ideal place for businesses to thrive.
Furthermore, Chicago’s Gross Metropolitan Product (GMP) consistently ranks among the highest in the nation. Its strong economic performance is driven by a combination of factors, including a large consumer base, robust infrastructure, and a strategic location that facilitates easy access to national and international markets.
Competing for Jobs
As a business owner, you understand the importance of having access to a skilled and competitive workforce. Chicago, which is a city with one of the fastest-growing salaries, boasts a highly educated and diverse talent pool thanks to its world-class universities and colleges.
The city’s ability to attract and retain top talent is a significant advantage for businesses looking to expand or establish themselves in the area.
Additionally, Chicago’s diverse population brings together people from various backgrounds and experiences. This diversity fosters innovation and creativity, enabling businesses to approach challenges from multiple perspectives.
Infrastructure and Connectivity
Chicago’s infrastructure is a key asset that contributes significantly to its appeal for CEOs and businesses. The city serves as a vital transportation hub, with O’Hare International Airport consistently ranking as one of the busiest in the world.
The presence of major railroads, an extensive network of highways, and access to the Great Lakes make Chicago a logistical powerhouse. This exceptional connectivity simplifies the movement of goods and people, reducing transportation costs and ensuring efficient distribution networks for businesses of all sizes.
Furthermore, the city’s commitment to infrastructure investment ensures ongoing improvements. Projects such as the modernization of O’Hare Airport and the development of a high-speed rail network connecting Chicago to other major cities further solidify the city’s position as a hub for national and international commerce.
Chicago is home to some of the nation’s top universities and business schools, including the University of Chicago’s Booth School of Business and Northwestern University’s Kellogg School of Management.
These institutions produce a steady stream of graduates with expertise in various fields, providing a steady supply of skilled professionals for Chicago businesses. Many of these graduates are interested in companies that offer workforce mobility but are still more than willing to come into the office.
The city also offers a rich talent pool in the technology sector, with a growing number of tech startups and established tech companies. This has created a competitive environment that encourages professionals to continually develop their skills and stay at the forefront of industry trends.
Favorable Tax Policies
Chicago’s business-friendly tax policies have been a significant draw for companies considering relocation. Illinois, where Chicago is located, has a comparatively lower corporate income tax rate than many other states. This tax advantage can lead to substantial cost savings for businesses, making it an appealing destination for CEOs focused on maximizing profitability.
Furthermore, the city’s efforts to streamline regulatory processes and reduce red tape have improved the ease of doing business in Chicago. This proactive approach to business-friendly policies enhances the overall appeal of the city for companies seeking a new home.
In conclusion, Chicago has become a top destination for companies looking to relocate or expand their operations. The city’s strategic location, robust economy, competitive workforce, and favorable tax policies make it an attractive choice for companies moving to Chicago.
Notable companies such as Grubhub, Caterpillar, Northern Trust, Vyond, TransLoop, Chime, Food Rocket, Auto Approve, and Ovative Group have already recognized the benefits of calling Chicago home.
As a business owner, you should carefully consider the advantages that Chicago offers when making location-related decisions.
At ARC Relocation, we can help with your company’s relocation to Chicago. Contact us today for a consultation.