of foreign competition, trade practices, operational costs, regulations, and other factors. The most prominent example was the plight of Bethlehem Steel, once the nation's second largest manufacturer of steel. Headquartered in Bethlehem, Bethlehem Steel suspended most of its operations in the early 1980s and ultimately declared bankruptcy in 2001 and was dissolved in 2003. Since the late 20th century, the Lehigh Valley has begun to recover from the loss of its once powerful manufacturing base and other industry sectors have emerged in the region, providing a more diversified regional economy. As of 2020, the Valley's top five industries were: 1.) finance, 2.) manufacturing, 3.) health care and education, 4.) professional and business services, and 5.) information. Other major industry sectors in the area include transportation, retail trade, and restaurants and hospitality. As of 2020, the Lehigh Valley's total gross domestic product was $42.9 billion. Bethlehem Steel The Lehigh Valley is known historically for its production of steel, Portland cement, silk, and apparel. Bethlehem Steel, founded in 1899 and based in Bethlehem, was a foundation of the Lehigh Valley's economy for nearly a century from 1899 through the early 1980s. At the pinnacle of its success, Bethlehem Steel was the nation's second largest and one of the world's largest steel manufacturers. Bethlehem Steel was instrumental in the development of many of the nation's most prominent 20th century infrastructure projects. Its steel was used to build 28 Liberty Street, Chrysler Building, the Empire State Building, Madison Square Garden, Rockefeller Center, and the Waldorf Astoria hotel in New York City and Merchandise Mart in Chicago. Among major bridges, the company's steel was used to construct the George Washington Bridge and Verrazzano-Narrows Bridge in New York City, the Golden Gate Bridge in San Francisco, and the Peace Bridge between Buffalo and Fort Erie, Ontario. The Roosevelt administration relied heavily on Bethlehem Steel during World War II, utilizing the company to produce the steel necessary for shipbuilding, ammunition, and other military equipment that proved essential to the Allies' ability to prevail in these conflicts. In the late 20th century, however, a variety of factors, including the practices of foreign competitors, began eroding Bethlehem Steel's once historical global leadership in steelmaking. In 1982, the company announced it was discontinuing most of its operations. In 2001, the company declared bankruptcy. In 2003, it was dissolved. Throughout the late 20th century, other heavy manufacturing companies in the Lehigh