Liverpool has been described as having "the most splendid setting of any English city." It has been a center of industrial and later innovation. Railways, transatlantic steamships, municipal trams, electric trains were all pioneered in Liverpool as modes of mass transit. Liverpool's historic position as one of the most important trading ports in the world has meant that over time many grand buildings have been constructed in the city as headquarters for shipping firms, insurance companies, banks and other large firms.
The Economy of Liverpool is one of the largest within the United Kingdom, sitting at the centre of one of the two core economies within the North West of England. In 2006, the city's GVA was £7,626 million, providing a per capita figure of £17,489, which was above the North West average.