to Seawaymaxvessels, and Port Hawkesbury is open to the deepest-draught vessels on the world's oceans. Large marine vessels may also enter Bras d'Or Lake through the Great Bras d'Or channel whereas small craft have the additional use of the Little Bras d'Or channel or St. Peters Canal. The St. Peters Canal is no longer used by commercial shipping on Cape Breton Island but is an important waterway for recreational vessels.
The industrial Cape Breton area faced several challenges with the closure of the Cape Breton Development Corporation's (DEVCO) coal mines and the Sydney Steel Corporation's (SYSCO) steel mill. In recent years the Island's residents have been attempting to diversify the area economy by investing in tourism developments, call centres, and small businesses, as well as manufacturing ventures in such fields as auto parts, pharmaceuticals, and window glazings.
While the Cape Breton Regional Municipality is in transition from an industrial to a service-based economy, the rest of Cape Breton Island outside of the industrial area surrounding Sydney-Glace Bay has been more stable, with a mixture of fishing, forestry, small-scale agriculture, and tourism.
Tourism in particular has grown throughout the post-Second World War era, especially the growth in vehicle-based touring, which was furthered by the creation of the Cabot Trail scenic drive. The scenery of the island is rivalled in northeastern North America only by Newfoundland and Cape Breton Island tourism marketing places a heavy emphasis on its Scottish Gaelic heritage through events such as the Celtic Colours Festival, held each October, as well as promotions through the Gaelic College of Celtic Arts and Crafts.
Whale-watching is a popular attraction for tourists. Whale-watching cruises are operated by numerous vendors from Baddeck to Cheticamp. The most popular species of whale found in Cape Breton's waters is the Pilot whale.
