Liverpool is a city in North West England, with an estimated population of 484,578 in 2016. Liverpool is the largest settlement in the metropolitan area of Merseyside, and the largest urban area in the North West of England. The city lies within the historic county boundaries of Lancashire, but since 1974 it has been administered as a metropolitan borough within the Metropolitan County of Merseyside. The borough was founded in 1207 and became a county borough in 1889. It was granted city status in 1880. Liverpool is the home of two Premier League football clubs, Liverpool and Everton, and was the European Capital of Culture in 2008. The Liverpool area has a long and rich maritime history dating back to the 12th century. The city was founded by the British Royal Navy as a port town and shipbuilding centre. In the 18th century, Liverpool became a major port of the Atlantic slave trade. It was also the world's first industrial city. Liverpool's economy experienced a dramatic transformation in the late 20th century, as it shifted from heavy industry to services.