The special bond between the locals and their territory gave rise a unique form of self-administration: the "Magnifica Comunità della Val di Fiemme". Established in the 12th century, this organisation still manages the woods of the valley, including the Paneveggio forest, considered a true natural gem for its size and richness in animal species. A typical product of the local economy is in fact the wood of this forest, which has exceptional acoustic properties, making it an ideal choice for the construction of the most prestigious bowed and plucked string instruments.

Winter sport enthusiasts can have fun in the two cross-country centres. The Alpe di Cermis features the black "Olimpia" slope, which is over 7.5 km with a vertical drop of 1,400 m. The Ski Center Latemar with Pampeago, Predazzo and Obereggen features 18 ski lifts and a total of 49 km of ski slopes. Bellamonte - Alpe Lusia, Passo Lavazè, Passo Oclini, Passo Rolle and the cross-country ski centre in Tesero complement the winter sports offer of the valley.