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Dayton plays host to significant industrial, aerospace, and technological/engineering research activity and is known for the many technical innovations and inventions developed there. Much of this innovation is due in part to Wright-Patterson Air Force Base and its place within the community. With the decline of heavy manufacturing, Dayton's businesses have diversified into the service economy, including the insurance, legal, and health care sectors, though the city's population has continued to decline.

Dayton is also noted for its association with aviation; the city is home to the National Museum of the United States Air Force. The city was the home of the signing of the Dayton Peace Accords, which brought an end to the war in Bosnia. Orville Wright, poet Paul Laurence Dunbar, and entrepreneur John H. Patterson were born in Dayton. Dayton is also known for its many patents, inventions, and inventors that have come from the area,[4] most notable being the Wright Brothers' invention of powered flight.[5] In 2008, Site Selection magazine ranked Dayton the #1 medium sized metropolitan area in the nation for growth and expansion.[6]

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