Golden Corridor - Chicago (USA)
The Golden Corridor is a sliver of commercial land around Chicago that houses some of the most successful technology firms in the world. There are a lot of Fortune 500 companies that are headquartered in his corridor of land, which has brought a lot of prosperity to the surrounding area. This is why the area coined the term "Golden Corridor." The term is not really meant to speak of the wealth built by the companies themselves, but of the wealth they bring to the surrounding areas as a result of their work.
The Golden Corridor Defined
The Golden Corridor is nestled within the boundaries of the Chicago greater metropolitan area, specifically in an area known as the north suburbs. Due to a unique confluence of educated workers, a strong transportation infrastructure and existing access to manufacturing outlets. Owing to the significant resources available to businesses in this area, it's not uncommon to find new businesses springing up regularly. Many of these businesses are technology-based businesses that focus on research and development of new technologies for consumer electronics and industrial applications. However, there are also a large number of retail chains and financial companies that are headquartered in this area.
The Golden Corridor isn't just a magnet for high-profile industries. Rather, it is a magnet for the development of all kinds as businesses flock to the high-income areas created by these larger, more wealthy technology companies. Since these companies employ so many people and generally pay higher wages to their integral staff, the entertainment, retail and restaurant industries find a great deal of success here. While there is no formal designation of the Golden Corridor as a "technology-centric" area of development, the truth is that most of the more successful companies are involved with technology development in some capacity.
Businesses in the Golden Corridor
There are a number of businesses that have found a great deal of success in the Golden Corridor. One of the most famous of these companies is Sears Holdings. This company owns the Sears chain of retail stores and the Kmart chain of retail stores. The company also owns a diverse range of other holdings from food service to smaller retail chains. Sears maintains its national headquarters in the Golden Corridor, and it employs thousands of people around the United States. Within the Golden Corridor alone, it's estimated that Sears Holdings employs upwards of 1000 people. While Sears is not necessarily a technology-based company, it provides many opportunities for local developers of consumer electronics.
Famous developer of telecommunications technology Motorola is also headquartered in the Golden Corridor. This company was one of the pioneering developers of the cell phone, and it still develops cutting-edge mobile phone technology. The company does not necessarily limit itself to the development of technology for mobile phones. It also invests its resources in the development of a myriad of other telecommunications products. The headquarters is located in the northern Chicago suburb of Schaumberg, Illinois and the company employs more than 60,000 people worldwide.
InstallShield is another major technology company that is headquartered in the northern suburbs of the Chicago metropolitan area. This company is headquartered in Schaumberg, Illinois. It's major focus is to develop software packages that are designed to create payload delivery services for software developers. Software developers use the products created by InstallShield to create automatic software setup programs for their users. These automatic software setup programs automatically deliver the software payload to end-users once they open the .exe file containing the program. InstallShield programs are developed specifically for use with Microsoft Windows operating systems.
The Economic Impact of the Golden Corridor
It should be reiterated that the Golden Corridor got its name specifically because of the economic strength found here. Many companies have done exceedingly well for themselves here, and this has brought a number of jobs to the area. It has also created a lot of independent wealth throughout the area, which makes the Golden Corridor seem like a "gold mine" of opportunity to investors. This is important to take note of when determining the economic impact of the Golden Corridor on the local economy.
Businesses throughout this area thrive thanks to the money injected into the local economy by these large businesses. Employment is high, wages are high, and this translates into more people with more money to spend. This has shown to be a good thing for local businesses and the economy of the Golden Corridor is exceptionally strong.
Technology Pushes Economic Growth
Even the businesses that aren't based in the technology industry invest heavily in technology development. New technologies are perhaps the only reason why some of these now-successful companies have been able to reach the level of success they have. Due to this, the Golden Corridor could be considered a business landscape forged by technological development.