The original settlement, named Gastown, grew up on clearcuts on the west edge of the Hastings Mill logging sawmill's property, where a makeshift tavern had been set up on a plank between two stumps and the proprietor, Gassy Jack, persuaded the curious millworkers to build him a tavern, on July 1, 1867. From that first enterprise, other stores and some hotels quickly appeared along the waterfront to the west. Gastown became formally laid out as a registered townsite dubbed Granville, B.I. ("B.I" standing for "Burrard Inlet"). As part of the land and political deal whereby the area of the townsite was made the railhead of the Canadian Pacific Railway (CPR), it was renamed "Vancouver" and incorporated shortly thereafter as a city, in 1886. By 1887, the Canadian Pacific transcontinental railway was extended westward to the city to take advantage of its large natural seaport to the Pacific Ocean, which soon became a vital link in a trade route between the Orient / East Asia, Eastern Canada, and Europe.
As of 2014[update], Port Metro Vancouver is the third-largest port by tonnage in the Americas (recently displacing New York City), 27th in the world, the busiest and largest in Canada, and the most diversified port in North America.
While forestry remains its largest industry, Vancouver is well known as an urban centre surrounded by nature, making tourism its second-largest industry.