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 Because of its position as the capital of Canada and seat of the federal government, Ottawa has traditionally enjoyed a stable economy and measured growth. In turn, this has provided a supportive business environment for its commercial, industrial, retail, hospitality and government-related industries. However, over the years, the city's economy has diversified to include a thriving and dynamic community of private sector firms and over 1,000 national associations (an estimated 350 associations house their national headquarters in Ottawa). The region is also the headquarters of many national corporations, especially in the field of high technology. Already termed "Silicon Valley North," Ottawa is home to more than 800 companies specializing in high technology. Over 18,000 residents work in the health and life sciences fields, making the region a world leader in this area. Ottawa is also a centre for advanced research and development, especially in the fields of space science, telecommunications and environmental technology. Tourism also pays a significant role contributing an annual economic impact of $ 1.02 billion in 1997 for Canada's Capital Region.
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