WalletHub’s recent rankings reaffirm North Chicago as a leading small city in the U.S for entrepreneurs, building off of its history for business vitality and growth potential. North Chicago’s robust infrastructure, friendly startup environment, and local business support have collectively spurred entrepreneurship, placing the city as an alluring option for both established and budding entrepreneurs.
In the 2024 study by WalletHub, aimed at discerning the best and worst cities for business startups, North Chicago ranked high within Illinois’ small cities, second to Hanover Park. Contrastingly, other Illinois cities such as Elmwood Park and Maywood ranked lower due to a dearth of startup opportunities and a higher cost of living. The research shed light on critical factors like access to resources, business costs, and local economy’s vitality, highlighting the importance of location for business success.
North Chicago’s remarkable ranking is greatly attributed to its flourishing business scene and growth promotion. The city’s geographic location, close to metropolitan areas and suburbs, brings unique business advantages, such as diverse market access, extensive transporteation options, and a rich pool of skilled workforce. North Chicago has also implemented various measures in favor of businesses, furthering the growth of local startups and big corporates alike.
Additionally, North Chicago houses several prestigious academic institutions, providing a steady stream of innovation and highly-educated professionals.
North Chicago: A fertile ground for entrepreneurs
The city’s innovation sector is also thriving, with many tech firms establishing their headquarters in the city. The city’s success is driven by a unique ecosystem fostering business growth, strategic location, supportive policies, and the synergy between education and innovation.
WalletHub’s assessment rested on three parameters: business climate, resources availability, and operating costs. Mayor Leon Rockingham stressed on a strategic approach tailored to the needs of smaller businesses. He believed such focus would promote a favorable business climate, attracting more businesses and boosting the local economy.
Mayor Rockingham’s strategic approach seems to have worked in North Chicago, leading to a rise in the city’s commercial interests. A prime example is Diveheart’s plan to build the world’s deepest therapy pool in North Chicago. Such initiatives underscore the city’s commitment to foster business ventures via strategic operations. North Chicago’s continuous innovation and progressive mindset have attracted a diverse array of businesses and catalyzed the city’s economic growth; badge of its position as a thriving hub for business opportunity and innovation.
