Ancón is a "corregimiento" in central Panama, northeast of the [town-]limits of the town of Balboa. Ancon Hill is also the name of a large hill that overlooks Panama City, and served as a form of protection from pirates, and sea invasion. The township was originally located around this hill, and was created to house employees of the Panama Canal during its construction. As part of the construction effort, the historic Gorgas Army Hospital was founded and built on the slope of the hill. The first ship to officially transit the canal, the SS Ancon, was named after the district. The community continued to serve as housing for employees of the Panama Canal Company until 1980 when parts of it began to be turned over to the country of Panama as a part of the 1977 Torrijos-Carter Treaties. Modern Ancón is a corregimiento (the Panamanian equivalent of a "suburb" in the United States) of Panama City, serving mainly as a residential area (and now uses the Gorgas Army Hospital building as the Panamanian Oncology Hospital - but primarily for the research and investigation of cancer. The area also houses the Panamanian Supreme Court, just a few feet away from the Gorgas Army Hospital building, and several Smithsonian Tropical Research Institute buildings for research into tropical biology). In 2008, its population was estimated at 10,634. Ancon is also a parish from the District of Panama, located in the Panama Canal adjacent area.
Due to its geographical location, the district of Ancon is of great importance for the economy of Panama. There are located most of the administrative facilities and services from the Panama Canal. In the area of Balboa is located the port of Panama city. In this district is also located the Administrative Unit of Reverted properties of the Ministry of Economy and Finance, established in 2007 as a replacement for the former Inter-Oceanic Region Authority. Many of the buildings belonging to the former U.S. military bases are today home locations of Panamanian governmental and nongovernmental institutions,such as the City of Knowledge, the main science and technology park in the country, in the area of the former Fort Clayton.