Como - Economy

Economy

The economy of Como, until the end of the 1980s, was traditionally based on industry; in particular, the city was world famous for its silk manufacturers but in recent years cheap competition from China has significantly reduced profit margins and many small and mid-sized firms have gone out of business. As a consequence manufacturing is no longer the economic driver and the city has been absorbed into Milan's metropolitan area where it mainly provides workers to the service industry sector. A significant number of residents is employed in the nearby industrial areas of the Swiss towns of Lugano and Mendrisio, primarily in the industrial sector, health care services and in the hospitality industry; the 30 km (19 mi) commute is beneficial as wages in Switzerland are notably higher. For these reasons, tourism has become increasingly important for the local economy since the 1990s. The city and the lake have been chosen as the filming location for various recent popular feature films, and this, together with the increasing presence of celebrities who have bought lakeside properties, has heightened the city's international profile and given a further boost to international tourism.