Biscay underwent modernization and industrialization in the 19th century, transitioning from a rural, agricultural society to an urban, industrial one. This led to population growth and new social classes. Industries like iron mining, iron blast furnaces, shipbuilding, and metallurgy concentrated around the Bilbao area and were financed by banks. The Biscay model of industrialization was defined by strong geographic and economic concentration in the Bilbao region. This industrialization drove deep social changes including immigration, population growth, and new social values and conflicts.