In conjunction with the City of Prospect Heights, the Village of Wheeling owns Chicago Executive Airport (formerly Palwaukee Municipal Airport). Chicago Executive Airport is a low-cost/no delay alternative to O'Hare International for business travelers and for the shipping of airfreight. As of 1998, 354 aircraft were based at the airport, most of them corporate owned. Two fixed base operators service the airport, along with numerous other airport-related business operations including: air charter, car rental, aviation consultants and aviation education.
Palwaukee Control Executive Airport has proven to be a major benefit to the local business community. In 1996, the Illinois Department of Transportation commissioned an economic impact study on Illinois airports. That study indicated that Chicago Executive Airport generated over $142 million of economic impact to the area annually.