Napoleon. The war was bad for both economies. In the United States, the economy grew every year from 1812 to 1815, despite a large loss of business by East Coast shipping interests. Prices were 15% higher—inflated—in 1815 compared to 1812, an annual rate of 4.8%. The national economy grew 1812–1815 at 3.7% a year, after accounting for inflation. Per capita GDP grew at 2.2% a year, after accounting for inflation. Hundreds of new banks were opened; they largely handled the loans that financed the war since tax revenues were down. Money that would have been spent on foreign trade was diverted to opening new factories, which were profitable since British factory-made products were not for sale. This gave a major boost to the Industrial Revolution in the United States as typified by the Boston Associates. The Boston Manufacturing Company, built the first integrated spinning and weaving factory in the world at Waltham, Massachusetts in 1813. Long-term consequences The border between the United States and Canada remained essentially unchanged by the war, with neither side gaining meaningful amounts of territory. Despite the Treaty of Ghent not addressing the original points of contention and establishing the status quo ante bellum, relations between the United States and Britain changed drastically. The issue of impressment also became irrelevant as the Royal Navy no longer needed sailors after the war. The long-term results of the war were generally satisfactory for both the United States and Great Britain. Except for occasional border disputes and some tensions during and after the American Civil War, relations between the United States and Britain remained peaceful for the rest of the 19th century. In the 20th century, spurred by multiple world conflicts, the two countries became close allies. Historian Troy Bickham argues that each participant defined success in a different way; the new American republic could claim victory in its independence from London being assured, and Native American opposition to westward expansion was removed. The memory of the conflict played a major role in helping to consolidate a Canadian national identity after 1867, the year of Canadian confederation. The British retained Canada, but their attention was overwhelmingly devoted to celebrating the defeat of Napoleon. The Rush–Bagot Treaty between the United States and Britain was enacted in 1817. It demilitarized the Great Lakes and Lake Champlain, where many British naval arrangements and forts still remained. The treaty laid the basis for