The Yellowknife settlement is considered to have been founded in 1934, after gold was found in the area, although commercial activity in the present-day waterfront area did not begin until 1936. Yellowknife quickly became the centre of economic activity in the NWT, and was named the capital of the Northwest Territories in 1967. As gold production began to wane, Yellowknife shifted from being a mining town to a centre of government services in the 1980s. However, with the discovery of diamonds north of the city in 1991, this shift began to reverse. In recent years, tourism, transportation, and communications have also emerged as significant Yellowknife industries.