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Since 1672, when the original settlers of Charles Towne realized the advantages of relocating their colony on the peninsula that lies between what are today's Ashley and Cooper rivers, the port city of Charleston has grown into one of the major centers of trade and commerce on the Southeastern seaboard. The area's economic mix is diverse, combining the largest containerized cargo port on the South Atlantic and Gulf coasts, a multi-billion dollar visitor industry, one of the Southeast's most impressive medical hubs, a well-established base of national and international manufacturers, as well as a large military presence.
Visitor Industry
With a $5.1 billion annual economic impact, the visitor industry is one of the Charleston area's top commercial sectors. The Charleston area is known internationally as a preferred city to travel to, as evidenced by its repeated ranking in the top 20 cities in the world to visit (Conde Nast Traveler: Fall '93, '94, '95,'96 &'97). Over 4.3 million visitors annually visit the Charleston area.
Port
Another major economic influence, the Port of Charleston, is operated by the South Carolina State Ports Authority (SPA). Activities at the Port and stimulated by the State Ports Authority result in major economic benefits for South Carolina. Within the state alone, 78,000 jobs, $8.9 billion in sales, $2.1 billion in personal income, and $258 million in tax revenues result from international cargo movements through South Carolina's ports and its induced effects. The Port of Charleston ranks first among international container cargo ports on the Southeast and Gulf Coasts. Nationwide, Charleston is the United States' sixth busiest container port.
Medical Industry
The medical industry also prevails as one of the economic "engines" in the Charleston area. Its history chiefly began in 1824 when the Medical College of South Carolina was founded. In 1969 it gained university status, and by the 1980s it was one of the region's major employers. The second largest medical presence in the area, Roper CareAlliance, operates two hospitals plus other smaller facilities throughout the area. In all, the Charleston region's medical services industry currently employs an estimated 24,000, of which 16,000 work in the region's ten major medical centers.
Military
The Charleston Naval Shipyard, founded in 1901, was the beginning of the military history in Charleston. In the early 1900s the shipyard continued to grow, and during World War II the Navy Yard became by far the major industry in the area. In the 1960s the number of military personnel stationed in or near Charleston had almost doubled. However, the region's military presence began to decrease in 1989 as the Department of Defense cut military budgets nationally. Then, in July of 1993, the Base Closure and Realignment Commission (BRAC) voted to close the naval base and shipyard - then the Charleston region's largest single employer - bringing an end to a century of military dominance in the area's economy. Despite the closure of the Naval Shipyard and Naval Base, the Department of Defense remains a large part of the region's economy, employing thousands of active duty and civilian personnel at the Charleston Air Force Base, various Naval facilities still in the region, and other Department of Defense installations here.
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