Santiago's economy, although still heavily dependent in public administration (headquarters of the autonomous government of Galicia), cultural tourism and industry, an in its university, is becoming diversified in various sectors, most notably timber transformation (FINSA), automotive industry (UROVESA), and telecommunications and electronics (Blusens and Televés). Banco Gallego, a banking institution owned by Novacaixagalicia, has its headquarters in downtown rúa do Hórreo.
Tourism is very important thanks to the Way of St. James, particularly in Holy Compostelan Years (when 25 July falls on a Sunday). Following the Xunta's considerable investment and hugely successful advertising campaign for the Holy Year of 1993, the number of pilgrims completing the route has been steadily rising. Following the Holy Year of 2010, the next Holy Year will not be for another 11 years. More than 272,000 pilgrims made the trip during the course of 2010.
Editorial Compostela owns daily newspaper El Correo Gallego, a local TV, and a radio station. Galician language online news portalGalicia Hoxe is also based in the city. Televisión de Galicia, the public broadcaster corporation of Galicia, has its headquarters in Santiago
