Tin mining was a major source of income for the island from the 16th century until petering out in the 20th century. In modern times, Phuket's economy has rested on two pillars: rubber tree plantations (making Thailand the biggest producer of rubber in the world) and tourism.
Since the 1980s, the sandy beaches on the west coast of the island have been developed as tourist destinations, with Patong, Karon, and Kata being the most popular. Since the 2004 tsunami, all damaged buildings and attractions have been restored. Phuket is being intensely developed, with many new hotels, apartments, and houses under construction. A total of 5,080 additional hotel rooms are expected to be completed by 2015.In July 2005, Phuket was voted one of the world's top 5 retirement destinations by Fortune Magazine.There are thousands of expatriates living on Phuket, many of them retirees.