Downtown Syracuse is the economic center of Syracuse and employs over 30,000 people housing almost more than 2,000 residents. It is also known as one of the 26 officially recognized neighborhoods of Syracuse. This neighborhood grew as the result of Syracuse’s salt industry and its location on the Erie Canal. Since the late 1980s, the neighborhood has also become a nightlife center with lots of restaurants, bars and clubs. At present, the neighborhood is an economic center, having many insurance companies, law firms and banks. One of the festivals held here is Oktoberfest.