Historically the salt industry, along with small sponge and hemp exports, sustained the Turks and Caicos Islands (only barely, however; there was little population growth and the economy stagnated). The economy grew in the 1960s, when American investors arrived on the islands and funded the construction of an airstrip on Providenciales and built the archipelago's first hotel, "The Third Turtle". A small trickle of tourists began to arrive, supplementing the salt-based economy. Club Med set up a resort at Grace Bay soon after. In the 1980s, Club Med funded an upgrading of the airstrip to allow for larger aircraft, and since then, tourism has been gradually on the increase.