Fishing also has a long history in the Isle of Man, going back many centuries, the main catch from the seas around the Isle of Man is herring. Such was the importance of fishing to the Manx that herring used to form a staple part of the Manx diet until quite recently. In modern times, cod, skate and plaice are also fished for, but the Manx fishing industry is in a period of decline.
The mining industry has also undergone a great decline, and is now none-existent. Lead, silver, copper and haemite have all been mined in the Isle of Man, and there is documentary evidence of mining in the Isle of Man since 1405. Competition from mine workings in other parts of the world forced a steady decline in Manx mining from its peak in the nineteenth century, and even the richest mines have now closed down.
Tourism is another industry that has played an important role in the Isle of Man's history. Tourist reached its peak in 1913, when the Isle of Man's scenery and other attractions brought 634,512 visitors. Tourism is suffering a slight decline, though, as more British tourists travel abroad. The annual TT festival and other motorcycle events bring a great number of visitors, and the continued survival of the Manx tourist industry owes a great deal to these events.
The manufacturing industry has traditionally been concerned with working with local materials and catering for local industries. Wool weaving, net and sail making and boat building were all important Manx manufacturing industries. Since the late 1950s, attention was given to light industry to ensure that it survives and remains modern and competitive. Despite the lack of raw materials on the Isle of Man, light industry is developing, major employers include Ronaldsway Aircraft Company and Strix.
A new industry that has become a major employer in the Isle of Man is the financial sector. Due to the Isle of Man advantageous bank tax laws, the Isle of Man has become an offshore banking centre. The town centre of Douglas, the Manx capital, is dominated by the offices of the many banks based there. Manx laws also make the Isle of Man an attractive place to register companies or shipping. The Isle of Man's cutting edge communication network and central location in Britain have made it a top location for communications companies and there are now no fewer than five internet providers based on the island. Despite the decline in the traditional industries in the Isle of Man, the new industries are booming, and the Isle of Man boasts one of the lowest unemployment rates and one of the most stable economies in Europe.
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