In 1906, San Francisco experienced the nation's most destructive earthquake, which, together with the fire that followed, practically destroyed the city. The city was quickly rebuilt and grew rapidly as a leading transportation, industrial, and cultural center. The port is home to a broad range of commercial, maritime, and public activities. Its major shipping terminals serve shipping lines from around the world. Fisherman's Wharf, Alcatraz, Hyde St. Pier, and Pier 39 all make the port of San Francisco one of the world's leading visitor destinations.
Small businesses have a very important place in the economy.
The high-technology industries of electronics and biotechnology are well represented throughout the Bay Area. Tourism is one of San Francisco's largest industries and the largest employer of city residents. The military has played an important role in San Francisco and the Bay Area's economies, but its impact will decline due to defense cutbacks. San Francisco is also the banking and financial center of the West and is home to a Federal Reserve Bank and a United States Mint. More than 60 foreign banks maintain offices there.