Valencia enjoyed strong economic growth over the last decade, much of it spurred by tourism and the construction industry, with concurrent development and expansion of telecommunications and transport. Air Nostrum, a regional airline, is headquartered in Valencia. The city's economy is service-oriented, as nearly 84% of the working population is employed in service sector occupations. However, the city still maintains an important industrial base, with 5.5% of the population employed in this sector. Agricultural activities are still carried on in the municipality, even though of relatively minor importance with only 1.9% of the working population and 3973 hectares planted mostly in orchards and citrus groves.
In 2009, Valencia was the 29th fastest improving European city. Its influence in commerce, education, entertainment, media, fashion, science and the arts contributes to its status as one of the world's "Gamma"-rankglobal cities.
The large factory of Ford Motor Company lies in suburb of city, in Almussafes.
Valencia’s port is the biggest on the Mediterranean western coast, the first of Spain in container traffic as of 2008 and the second of Spain in total traffic, handling 20% of Spain’s exports. The main exports are foodstuffs and beverages. Other exports includeoranges, furniture, ceramic tiles, fans, textiles and iron products. Valencia’s manufacturing sector focuses on metallurgy, chemicals, textiles, shipbuilding and brewing. Small and medium sized industries are an important part of the local economy, and unemployment is lower than the Spanish average.
Following the announcement that the 32nd America's Cup would be held in Valencia in 2007, the port underwent radical changes in which it was divided into two parts, one part remaining unchanged while the other section would be used exclusively for the America's Cup festivities. The two sections are now divided by a wall