 The economy of the island entered a long stagnant period . Many businesses relocated off the island during this period ; however , health care , insurance and financial industries continue to be strong contributors to the economy . By 1959 , the city of Houston had long out @-@ paced Galveston in population and economic growth . Beginning in 1957 , the Galveston Historical Foundation began its efforts to preserve historic buildings . The 1966 book The Galveston That Was helped encourage the preservation movement . Restoration efforts financed by motivated investors , notably Houston businessman George P. Mitchell , gradually developed the Strand Historic District and reinvented other areas . A new , family @-@ oriented tourism emerged in the city over many years . 
