Tourism is a major factor in the city's economy with 1.6 million visitors in 2011. The city has over 130 hotels and resorts, numerous bed & breakfast inns and over 100 restaurants and dining spots.
In the economic recession of the late 2000s/early 2010s, Palm Springs is revitalizing its Downtown or "the Village". Rebuilding started with the demolition of the Bank of America building in January 2012, with the Desert Fashion Plaza scheduled for demolition later in 2012.
The movement behind Mid-Century modern architecture (1950s/60s era) in Palm Springs is backed by architecture enthusiasts, artistic designers and local historians to preserve many of Central Palm Springs' buildings and houses of famous celebrities, businessmen and politicians
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