page_title: Jerusalem
section_title: Economy
hierarchical_section_title: Jerusalem / Economy
caption_attribution_description: English: Israel Bank in Jerusalem עברית: בנק ישראל בירושלים, Original Image Name:בנק ישראל בירושלים, Location:ירושלים
context_page_description: Jerusalem is a city in the Middle East, located on a plateau in the Judaean Mountains between the Mediterranean and the Dead Sea. It is one of the oldest cities in the world, and is considered holy to the three major Abrahamic religions—Judaism, Christianity, and Islam. Both Israel and the Palestinian Authority claim Jerusalem as their capital, as Israel maintains its primary governmental institutions there and the State of Palestine ultimately foresees it as its seat of power; however, neither claim is widely recognized internationally.
  During its long history, Jerusalem has been destroyed at least twice, besieged 23 times, captured and recaptured 44 times, and attacked 52 times. The part of Jerusalem called the City of David shows first signs of settlement in the 4th millennium BCE, in the shape of encampments of nomadic shepherds. Jerusalem was named as Urusalim on ancient Egyptian tablets, probably meaning "City of Shalem" after a Canaanite deity, during the Canaanite period.
context_section_description: Historically, Jerusalem's economy was supported almost exclusively by religious pilgrims, as it was located far from the major ports of Jaffa and Gaza. Jerusalem's religious and cultural landmarks today remain the top draw for foreign visitors, with the majority of tourists visiting the Western Wall and the Old City, In 2010, Jerusalem was named the top leisure travel city in Africa and the Middle East by Travel + Leisure magazine.
  in 2013, 75% of the 3.5 million tourists to Israel visited Jerusalem.
  Since the establishment of the State of Israel, the national government has remained a major player in Jerusalem's economy. The government, centered in Jerusalem, generates a large number of jobs, and offers subsidies and incentives for new business initiatives and start-ups. Although Tel Aviv remains Israel's financial center, a growing number of high tech companies are moving to Jerusalem, providing 12,000 jobs in 2006. Northern Jerusalem's Har Hotzvim industrial park and the Jerusalem Technology Park in south Jerusalem are home to large Research and Development centers of international tech companies, among them Intel, Cisco, Teva Pharmaceutical Industries, IBM, Mobileye, Johnson & Johnson, Medtronic and more. In April 2015, Time Magazine picked Jerusalem as one of the five emerging tech hubs in the world, proclaiming that "The city has become a flourishing center for biomed, cleantech, Internet/mobile startups, accelerators, investors and supporting service providers."
  Higher than average percentages are employed in education (17.9% vs. 12.7%); health and welfare (12.6% vs. 10.7%); community and social services (6.4% vs. 4.7%); hotels and restaurants (6.1% vs. 4.7%); and public administration (8.2% vs. 4.7%). During the British Mandate, a law was passed requiring all buildings to be constructed of Jerusalem stone in order to preserve the unique historic and aesthetic character of the city. Complementing this building code, which is still in force, is the discouragement of heavy industry in Jerusalem; only about 2.2% of Jerusalem's land is zoned for "industry and infrastructure." By comparison, the percentage of land in Tel Aviv zoned for industry and infrastructure is twice as high, and in Haifa, seven times as high. Only 8.5% of the Jerusalem District work force is employed in the manufacturing sector, which is half the national average (15.8%).
  Although many statistics indicate economic growth in the city, since 1967, East Jerusalem has lagged behind the development of West Jerusalem. Nevertheless, the percentage of households with employed persons is higher for Arab households (76.1%) than for Jewish households (66.8%). The unemployment rate in Jerusalem (8.3%) is slightly better than the national average (9.0%), although the civilian labor force accounted for less than half of all persons fifteen years or older—lower in comparison to that of Tel Aviv (58.0%) and Haifa (52.4%). Poverty remains a problem in the city as 37% of the families in Jerusalem lived in 2011 below the poverty line. According to a report by the Association for Civil Rights in Israel (ACRI), 78% of Arabs in Jerusalem lived in poverty in 2012, up from 64% in 2006. While the ACRI attributes the increase to the lack of employment opportunities, infrastructure and a worsening educational system, Ir Amim blames the legal status of Palestinians in Jerusalem.
caption: Bank of Israel
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