The town's economic base is defined by agriculture, oil and gas, salt mining, truss plant and tourism.

Elk Point is in a very prolific heavy oil and gas reserve field. Therefore many oil and gas servicing companies are located in Elk Point.

Elk Point has a full range of services: food and convenience stores, bakeries, pharmacy, clothing and variety stores, gift/trophy shop, service stations, towing services, tire and automotive supply outlets, hardware store, liquor stores, numerous restaurants, lounges, hotel, motel, Laundromats.

Business Licence Application available upon request