The economy of Santa Cruz relies mainly on services. Trade, tourism, import-export, the seaport and the presence of the major political and financial institutions, as well as the most important companies, guarantee a strong economic activity and development. The building sector is important, while industry, apart from the oil refinery and food processing, is relatively minor. Santa Cruz has regenerated many areas of the city and modernised its infrastructure, built brand new areas, malls, high buildings and some charismatic structures, such as Calatrava's ''Auditorio'' or the Congress Hall, César Manrique's Marina and the not-yet-completed Óscar Domínguez Museum of Modern Art and Culture (IODACC) and the new Plaza de España layout, both by Basel-based Pritzker Prize winner studio Herzog & de Meuron. Work to renew the man-made Las Teresitas Beach is ongoing under the direction of French architect Dominique Perrault.