The Guggenheim Museum was designed by Frank Gehry. The titanium exterior denotes the new spaceage material, whereas Bibao was Spain's center of the iron and steel ages in the 16-19th century. Extensive iron mining, steel and shipbuilding emerged in Bilbao. The word "billet" is supposed to have come from "Bilbao". Most importantly the initial investment of $200 million of the Museum has lowered the unemployment figures from 33% to 4.5% presently. It has regenerated Bilbao into a center of culture and business enterprises.