Birmingham was the powerhouse of the Industrial Revolution in England, a fact which led to it being known as "the workshop of the world" or the city of a thousand trades. Although Birmingham's industrial importance has declined, it has developed into a national commercial centre, being named as the second-best place in the United Kingdom to locate a business. Birmingham is a national hub for conferences, retail and events along with an established high tech, research and development sector, supported by its three Universities. It is also the fourth-most visited city by foreign visitors in the UK, has the second largest city economy in the UK, and is often referred to as the Second City.
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