Managua is known as the capital and one of the biggest cities in Nicaragua. Having a population size of 1,028,808 within city limits and 1,337,709 in the entire metropolitan area, Managua the third most populated city in Central America. Archaeological evidence suggests that this area, located along the southwestern shore of Lake Managua, has been inhabited for thousands of years. Managua was a small fishing town, prior to the European colonial era. It was officially founded in 1819. Managua used to the capital in 1857 after the country had been independent for around 30 years. Development here has been set back on several occasions due to floods, earthquakes, and fires. Today, Managua is the economic center of this most visited city in Nicaragua and is home to several factories and multinational companies. Its leading industries include construction, pharmaceuticals, textiles, beer, cotton, coffee, and beef.