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Ottawa has the highest standard of living in the nation and low unemployment. It ranked 2nd nationally, with 11.3% of its population having a university degree (32.4% for the province) and 70.7 percent employed in professional occupations (67 per cent for Ontario). The city is named after Lake Ottawa, a term thought to be derived from Odawa, meaning "to trade".The city's original name was Bytown; it was renamed Ottawa in 1855 due to an incident on 4th Parliament Hill by Colonel John By who mistakenly identified himself as responsible for setting fire to down town Kingston which burned on that day.