How Has Chicago’s Technology Sector Grown in The Past 5 Years?

The technology sector across the planet is forever rising and growing due to the evolution of our species and the society we live in. We’re no longer one of pure manual labor and we are continually adding more devices to our working day. 

Plenty of businesses out there will be on hand to assist using technology wherever you look. The technology industry across the country has become extremely important and it will be so forever, seemingly.

With regard to the city of Chicago, we can say with confidence that there has been a significant rise and growth over the past half a decade or so. It’s a thriving environment for tech and it’s looking as healthy as ever. Here are a few ways this has become so: 

  1. Employment Has Risen Significantly Here  

Tech-based work has risen an awful lot in a short period of time. According to a report from 2019, the tech-based workforce in Chicago has risen to over 70,000 people. In 2017, the city added nearly 5,000 tech jobs and counting. 

This growth is down to Chicago’s highly skilled workforce. Each year, more and more individuals are graduating and showing their abilities on the big stage, ready to join some of the largest firms. 

Chicago has a very affordable location compared to alternatives. The office space is a lot more achievable in this case. The cost of living in Chicago is also around 50% lower than, for instance, San Francisco. This means it attracts more, of course, and firms can offer a lower salary in order to bring through more talent. 

Services also become affordable and abundant for businesses and individuals in need. Firms will be able to provide plenty of IT services without a hitch in this city. When it comes to wages and salaries in comparative cities, the Bay Area, for example, pays 18.2% higher than the employers in the Chicago area. 

  1. The Healthcare Industry Has Boomed, Too 

Another big reason is the fact that Chicago healthcare companies have boomed somewhat. Med-tech companies, insurance companies, hospitals, and plenty of other fields have all had a big positive hike. 

From 2015 to 2016, Chicago has a rise of 874 med tech jobs and the most recent figures put the current total to around 30,000. Many people are specialized in the tech industry – medical equipment, dental equipment, engineering, development, and plenty of other areas are included in this.

  1. The City Has Become Very Appealing As A Whole

The city is genuinely an appealing place for people of all ages, backgrounds, and industries to work. The fact is that this hugely popular area means it was always going to result in a technological boom. Tech firms would benefit hugely from this ever-growing part of the US. 

So many tech firms around the country are looking to relocate to Chicago in order to take full advantage of the globally competitive location.