Amid soaring job growth and record-breaking investments, Chicago's tech sector is rapidly emerging as a major force, reshaping its economy with vibrant opportunities and groundbreaking innovation.
Key Takeaways
- Chicago's technology sector employed 282,000 professionals in 2023, marking a 4.8% increase from the previous year.
- The average salary for software engineers in Chicago's tech industry reached $128,500 in 2023.
- Women represented 28% of the tech workforce in Chicago as of 2023, up from 25% in 2021.
- Chicago hosted 1,200 tech companies in 2023, with 450 founded post-2015.
- Fintech firms represent 28% of Chicago's tech startups in 2023.
- 1871 incubator supported 500 startups in Chicago in 2023.
- Chicago tech firms secured $4.8 billion in VC funding in 2023.
- Seed stage investments in Chicago tech totaled $850 million in 2023.
- Series A rounds averaged $12.5 million for Chicago startups in 2023.
- Chicago tech contributed $28.5 billion to GDP in 2023.
- Tech sector multiplier effect generated $12.3 billion indirect GDP in Chicago 2023.
- Tech exports from Chicago totaled $8.7 billion in 2023.
- Chicago universities produced 18,000 tech grads in 2023.
- Patents per tech worker in Chicago: 0.0087 in 2023.
- R&D centers in Chicago tech: 120 active in 2023.
Chicago's tech industry grew significantly in 2023, with strong job gains and rising diversity.
Companies and Startups
- Chicago hosted 1,200 tech companies in 2023, with 450 founded post-2015.
- Fintech firms represent 28% of Chicago's tech startups in 2023.
- 1871 incubator supported 500 startups in Chicago in 2023.
- Healthtech companies in Chicago numbered 220 in 2023.
- Average age of Chicago tech companies is 8.2 years in 2023.
- SaaS startups in Chicago grew to 350 firms in 2023.
- Edtech sector in Chicago has 85 active companies in 2023.
- Cleantech startups in Chicago reached 120 in 2023.
- Unicorn startups in Chicago totaled 7 in 2023, including UIPath.
- Gaming and AR/VR firms: 45 in Chicago tech scene 2023.
- B2B tech companies dominate with 62% of Chicago startups in 2023.
- Logistics tech startups in Chicago: 95 firms in 2023.
- Chicago tech unicorns raised $1.2B collectively pre-2023.
- Insurtech companies: 75 in Chicago's ecosystem 2023.
- Proptech startups numbered 110 in Chicago 2023.
- Adtech firms in Chicago: 60 active in 2023.
- Biotech crossovers into tech: 40 companies in Chicago 2023.
- Chicago tech M&A deals involved 85 companies in 2023.
- Agritech startups: 25 in greater Chicago area 2023.
- Mobility tech firms: 55 in Chicago 2023.
- Chicago startups with 100+ employees: 180 in 2023.
- Cybersecurity companies: 130 in Chicago tech hub 2023.
- E-commerce tech firms: 95 in Chicago 2023.
- Chicago tech IPOs: 3 companies went public in 2023.
- Quantum computing startups: 8 in Chicago ecosystem 2023.
- Chicago venture-backed companies: 650 in 2023.
Companies and Startups Interpretation
Chicago is a tech hub so robustly diversified that its 1,200 companies collectively resemble a mature, venture-backed octopus with eight tentacles securely wrapped around B2B services, Fintech, and logistics, while the other tentacles are busy spawning ambitious young startups and gently cradling seven unicorns.
Economic Impact
- Chicago tech contributed $28.5 billion to GDP in 2023.
- Tech sector multiplier effect generated $12.3 billion indirect GDP in Chicago 2023.
- Tech exports from Chicago totaled $8.7 billion in 2023.
- Property tax revenue from Chicago tech firms: $450 million in 2023.
- Tech-driven tourism added $1.2 billion to Chicago economy 2023.
- Average tech company revenue in Chicago: $24 million in 2023.
- Tech payroll taxes contributed $3.1 billion to Chicago in 2023.
- Cost savings from tech adoption in Chicago manufacturing: $2.8B 2023.
- Tech ecosystem supported 150,000 indirect jobs in Chicago 2023.
- Venture capital ROI for Chicago tech averaged 2.8x in 2023.
- Tech R&D spending in Chicago: $6.4 billion in 2023.
- Fintech economic output: $7.2 billion for Chicago 2023.
- Healthtech value added $4.1 billion to Chicago GDP 2023.
- Startup density per capita in Chicago: 1 per 2,500 residents 2023.
- Tech patents filed from Chicago: 2,450 in 2023.
- Consumer spending boost from tech salaries: $9.8B in Chicago 2023.
- Infrastructure investments spurred by tech: $1.5B in 2023.
- Productivity gains from Chicago tech: 15% across sectors 2023.
- Cleantech savings to Chicago utilities: $890 million 2023.
- E-commerce tech revenue share: 18% of Chicago retail 2023.
- Tech talent attraction cost savings: $750M for firms 2023.
- Logistics tech efficiency gains: $1.9B in Chicago 2023.
- Chicago tech global ranking improved to 20th in 2023.
- Proptech reduced vacancy rates by 22% in Chicago 2023.
- Chicago filed 1,850 AI-related patents in 2023.
- Cybersecurity prevented $2.4B in losses for Chicago firms 2023.
Economic Impact Interpretation
Forget just powering our coffee makers; Chicago's tech sector has become the city's economic engine room, fueling everything from GDP to job growth and proving that in the Windy City, innovation is our most valuable export and local investment.
Employment and Workforce
- Chicago's technology sector employed 282,000 professionals in 2023, marking a 4.8% increase from the previous year.
- The average salary for software engineers in Chicago's tech industry reached $128,500 in 2023.
- Women represented 28% of the tech workforce in Chicago as of 2023, up from 25% in 2021.
- Chicago tech jobs grew by 12,000 positions in Q4 2023 alone.
- Unemployment rate in Chicago's tech sector was 1.2% in 2023, below the national average of 2.1%.
- Over 15,000 tech internships were offered in Chicago in 2023.
- Black professionals made up 7.5% of Chicago's tech workforce in 2023.
- Remote tech jobs in Chicago increased by 35% from 2022 to 2023.
- Entry-level tech salaries in Chicago averaged $75,200 annually in 2023.
- Chicago ranked 5th in the US for tech job growth in 2023 with 6.2% YoY increase.
- Hispanic/Latino tech workers comprised 12% of Chicago's industry in 2023.
- Tech sector added 45,000 jobs in Chicago metro area from 2020-2023.
- Average tech manager salary in Chicago hit $152,000 in 2023.
- 22% of Chicago tech workers hold advanced degrees in 2023.
- Tech job openings in Chicago surged 18% in cybersecurity roles in 2023.
- Chicago tech workforce median age is 34 years in 2023.
- Female tech executives in Chicago rose to 19% in 2023.
- Tech apprenticeships in Chicago numbered 3,200 in 2023.
- Veteran employment in Chicago tech reached 4.1% in 2023.
- Tech job growth in suburbs of Chicago was 3.9% in 2023.
- Data scientists in Chicago earned average $135,000 salary in 2023.
- LGBTQ+ representation in Chicago tech was 6.8% in 2023.
- Tech relocation incentives attracted 2,500 workers to Chicago in 2023.
- UX/UI designers average salary $110,500 in Chicago 2023.
- Tech workforce retention rate in Chicago was 87% in 2023.
- AI/ML specialists jobs grew 25% in Chicago tech 2023.
- Over 50,000 tech workers commute via public transit in Chicago daily in 2023.
- Chicago tech sector has 9,500 freelancers in 2023.
- Senior devops engineers salary averaged $165,000 in Chicago 2023.
- Tech job diversity index improved to 0.72 in Chicago 2023.
Employment and Workforce Interpretation
While Chicago's tech scene clearly isn't messing around, with its army of well-paid commuters and booming jobs, the real story is a city earnestly, and sometimes awkwardly, trying to bake a bigger, more diverse pie while keeping everyone's slice generous.
Funding and Investments
- Chicago tech firms secured $4.8 billion in VC funding in 2023.
- Seed stage investments in Chicago tech totaled $850 million in 2023.
- Series A rounds averaged $12.5 million for Chicago startups in 2023.
- Corporate VC investments in Chicago tech: $1.2B in 2023.
- Fintech funding in Chicago reached $1.1 billion in 2023.
- Healthtech investments: $950 million across 45 deals in Chicago 2023.
- Angel investments in Chicago startups: $320 million in 2023.
- Late-stage funding for Chicago tech: $1.9B in 2023.
- Number of VC firms active in Chicago: 145 in 2023.
- AI startups in Chicago raised $650 million in 2023.
- Cybersecurity funding: $420 million for Chicago firms 2023.
- Cleantech VC in Chicago: $280 million in 2023.
- Average deal size for Chicago tech Series B: $28 million in 2023.
- Female-founded startups funding: $210 million in Chicago 2023.
- Proptech investments: $340 million in Chicago 2023.
- Edtech funding deals: 22 totaling $150 million in Chicago 2023.
- M&A funding equivalent in Chicago tech: $2.1B in 2023.
- Grants and government funding for Chicago tech: $95 million in 2023.
- Logistics tech funding: $220 million in Chicago 2023.
- Insurtech investments: $180 million across 15 deals Chicago 2023.
- SaaS funding in Chicago: $760 million in 2023.
- Number of funding rounds in Chicago tech: 420 in 2023.
- Exit values for Chicago tech firms averaged $450 million in 2023.
- Mobility tech funding: $160 million in Chicago 2023.
- Agritech VC: $75 million for Chicago startups 2023.
- Gaming tech investments: $110 million in Chicago 2023.
Funding and Investments Interpretation
Chicago's tech scene isn't just growing; it's maturing with serious money, from a hefty $850 million seed-corn fund to a $1.9 billion late-stage harvest, proving the city is no longer just a startup nursery but a full-scale economic engine.
Innovation and Education
- Chicago universities produced 18,000 tech grads in 2023.
- Patents per tech worker in Chicago: 0.0087 in 2023.
- R&D centers in Chicago tech: 120 active in 2023.
- AI startups collaborations with universities: 65 in Chicago 2023.
- Coding bootcamps graduated 4,500 students in Chicago 2023.
- Quantum research funding to Chicago unis: $45M in 2023.
- Open source contributions from Chicago devs: 2.1M in 2023.
- Healthtech clinical trials supported by tech: 180 in Chicago 2023.
- Incubators and accelerators: 35 in Chicago ecosystem 2023.
- Blockchain pilots in Chicago gov: 12 projects in 2023.
- Data science programs enrollment: 12,000 students in Chicago 2023.
- Fintech innovation labs: 22 in Chicago banks 2023.
- AR/VR hackathons hosted: 45 events in Chicago 2023.
- Cleantech prototypes commercialized: 28 from Chicago unis 2023.
- Tech transfer deals from Chicago unis: $320M in 2023.
- Cybersecurity certifications issued: 8,200 in Chicago 2023.
- Maker spaces for tech: 75 facilities in Chicago 2023.
- Logistics tech pilots: 40 with universities in Chicago 2023.
- Edtech pilots in Chicago schools: 55 apps in 2023.
- Innovation districts square footage: 2.5M sq ft in Chicago 2023.
- Female STEM enrollment in Chicago unis: 32% in 2023.
- High-tech clusters: 6 major in Chicago metro 2023.
Innovation and Education Interpretation
Chicago’s tech ecosystem is a powerhouse of talent and hustle, producing graduates and patents in bulk, though its ratio of patents to workers suggests the city is still figuring out how to turn all that brainpower into official inventions.
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