, an $8.8 billion
S&P 500 company headquartered outside
Allentown in
Trexlertown, Pennsylvania, March 2014 , a $7.6 billion
S&P 500 company in
Center City Allentown, January 2007 in
Bethlehem was the second largest steel manufacturer in the United States and one of the
Lehigh Valley's largest employers until it began downsizing in the 1980s, ultimately declaring bankruptcy in 2001. on
Lehigh Street outside
Allentown, one of several Allentown-area shopping malls, June 2015 The arrival of two professional athletics teams in the 21st century have helped bolster the Allentown economy, which has historically been considered part of the
Rust Belt. In
Center City Allentown,
PPL Center, an 8,500-capacity indoor arena, opened in September 2014 as the new home for the
Lehigh Valley Phantoms of the
American Hockey League, the primary development team of the
National Hockey League's
Philadelphia Flyers. PPL Center also hosts major concerts and entertainment events. In East Allentown,
Coca-Cola Park, a 10,178-capacity baseball stadium, opened in March 2008 as the new home for the
Lehigh Valley IronPigs of the
International League, the
Triple-A-level
Minor League affiliate of the
Philadelphia Phillies of
Major League Baseball. Previously established attractions include the
Allentown Art Museum, which completed a $15.4 million expansion projected in 2010–11, and the
Baum School of Art, the city's primary art school. Several Allentown-based universities, including
Cedar Crest College and
Muhlenberg College, attract scholars and academics from all over the country. ==Shopping==