All over the United States, central business districts serve as a magnet for economic growth and employment. Below is an overview of the top 10 largest CBDs in the country.

1. New York City
New York City’s CBD is the largest in the country and covers a large area in Midtown and downtown Manhattan. The city’s CBD contains more than 500 million square feet of commercial real estate and several residential neighborhoods. According to the US Census Bureau, New York’s CBD has a permanent population of approximately 1.6 million people. Key industries include finance, banking, retail, hospitality, tourism, and business services.

2. Chicago
Chicago’s central business district (also known as The Loop) occupies an area of 1.58 square miles. The Loop is a densely populated area and has a total commercial real estate inventory of nearly 160 million square feet, which account for 45 percent of the city’s total supply. More than 300,000 people work in the CBD, mainly in sectors like professional, scientific and technical services, finance and insurance, admin support, healthcare, and food services.

3. Los Angeles
Downtown Los Angeles is made up of 15 districts, although the business core lies between the Financial District, Historic Core, and Old Bank District. In recent years, the Bunker Hill area has also emerged as an important business destination within the city’s CBD. There are more than 32 million square feet of commercial real estate in downtown Los Angeles, and population density remains relatively low at under 5,000 / square mile. Important industries include technology, media, creative, transportation, leisure and entertainment, and the arts.

4. Boston
Boston’s CBD is one of the most important business hubs in the East Coast. Business density is particularly high in the Financial District, which is home to large banking, finance, and insurance corporations like Bank of America,PricewaterhouseCoopers, and Fidelity Investments. Boston’s CBD is characterized by its large percentage of Class A commercial stock (nearly 70 per cent of the total according to 2015 data). Tech-related firms and businesses involved in healthcare, life sciences, and advanced manufacturing are key drivers of the Boston economy. Read the rest of this entry »

Centered on the north-central region of the country, the Midwest United States includes 12 states including Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. Although major urban centers such as Chicago are known around the world as key economic drivers, the Midwest is also home to several smaller cities that provide promising conditions for new businesses. WalletHub’s 2015 ranking of the best cities to start of a business in the United States included six Midwestern cities in the top 20. The ranking used a number of metrics, from the five-year survival rate of businesses to the affordability of office space.

Springfield, Missouri
Springfield, Missouri ranked as the best Midwestern city to start of business in the United States, according to the 2015 study. The city also placed first nationally in terms of access to resources, including financing and affordable office space. Known as the Queen City of the Ozarks and the Birthplace of Route 66, Springfield is home to the Missouri State University and Drury University. The third largest city in Missouri is the economic hub of an area that spans 27 counties in Missouri and neighboring Arkansas and is home to some 1 million people. The economy is based on health care, manufacturing, retail, education and tourism. The city has also been recognized for its high quality of life, and in 2008 it was among the best communities for young people by the America’s Promise Alliance and relocating families by Worldwide ERC.

Sioux Falls, South Dakota
The same ranking found that Sioux Falls was the sixth best city to start a business in the US. With a growing population, the city also ranked second in terms of the best business environment in the United States. It was also named as the next big boom town by The Atlantic in 2013. The largest city in South Dakota, Sioux Falls is a diverse economic center focused on financial services, health care and retail. Sitting on the crossroads of interstates 90 and 29, the city is within a day’s drive from many major cities in the Midwest. The lack of a state corporate tax has helped attract a number of financial companies to Sioux Falls, including Wells Fargo and Citigroup. Read the rest of this entry »