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If you take a look at the cities and the metro areas, I think both have robust economies. Both have a good mix of financial, law, technical, industrial, science, and engineering. It's useless to state that one is more diverse.
You can't even make the argument that one is growing faster than the other because Chicago has 10 million people in the greater Chicagoland area. Houston is probably growing slightly faster because it's cheaper to live there.
You can't even make the argument that one is growing faster than the other because Chicago has 10 million people in the greater Chicagoland area. Houston is probably growing slightly faster because it's cheaper to live there.
Honestly, Chicago is growing slower not because it's more expensive. But because people do not prefer its winters. People would rather do Houston's unbearable summers than do Chicago's bitter winters. I say that because Chicago is not as expensive as people say it is. It is a bargain. But you'll probably still get more for your money in Houston but Chicago is a great alternative for people on the coasts if they are looking for a huge city.
If you take a look at the cities and the metro areas, I think both have robust economies. Both have a good mix of financial, law, technical, industrial, science, and engineering. It's useless to state that one is more diverse.
But by most accounts, Chicago is normally ranked as the most diverse economy. Most cities grow up fast around a few key sectors that let them blast ahead of other places in their regions. Things they're "good at".
Chicago was good at manufacturing and transportation related activities because of its location and the time period when it grew. There was a huge fallout in the manufacturing sector in our country, and many places centered around that fell from their positions. Chicago was large enough and determined enough to start sucking in other industries to fill the gaps. Because of this, the city is fairly unique in how large it is, and how so many industries are located in the area.
By 2010, Chicago has very solid hands going very deep into an unusually large number of industries. Medical, law, finance, utilities, transportation, IT, manufacturing, etc, etc.
Moody's did a report, and Chicago ranked as having the #1 most diverse economy out of the top 100 in our country. Houston was #81 because around 1/3 of the economy is based around natural resources/trade/transportation/utilities.
Overall - Houston's economy is the healthiest right now because their fields are very active ones, while Chicago is probably the most stable and diverse. Chicago grows more slowly, and without many of the rapid fluctuations. It more closely follows national trends. When sectors boom and bust, they don't drag Chicago one way or another like other areas do when their key areas boom and bust. Manufacturing busted Detroit, Finance boomed and busted in NYC, oil boomed Houston.
Overall - Houston's economy is the healthiest right now because their fields are very active ones, while Chicago is probably the most stable and diverse. Chicago grows more slowly, and without many of the rapid fluctuations. It more closely follows national trends. When sectors boom and bust, they don't drag Chicago one way or another like other areas do when their key areas boom and bust. Manufacturing busted Detroit, Finance boomed and busted in NYC, oil boomed Houston.
I'd say Houston's economy is the less diverse, but more stable. The boom and busts don't drag Houston down much either (anymore). Here is a chart I posted here before:
Houston was steady throughout the entire decade, save for 00-01.
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