Hudson Bay has a diverse economy based on forestry, agriculture, processing, and eco-tourism. Forestry has continued to be the major source of employment and economic generator over the years, and its community has shown itself to be capable of supporting existing world class industries in the production of plywood and oriented strand board. In 1979 Hudson Bay earned the title of Forestry Capital of Canada. In addition, with the abundance of wildlife in the area, it has also become known as the Moose Capital of the World. The vast tracts of untouched wilderness enable visitors to enjoy year round recreational pursuits. The nutrient rich soils which surround Hudson Bay have enabled farmers to produce a wide range of crops on over .
Wood products Wizewood Products Ltd. established Canada's first waferboard plant in September 1961, this was taken over by
MacMillan Bloedel and Powell River (Saskatchewan) Ltd. in 1965, followed by a $4 Million dollar expansion in 1968–69 making it the largest particle board complex in Canada. A $14.8 million expansion followed in 1983, and by 1995 the plant was operating as a joint venture between Macmillan Bloedel and Saskatchewan Forest Products Corporation (SFPC) under the name SaskFor.
Agriculture Alfalfa is grown within the valley. Then dehydrated, it yields over 10,000 tonnes of alfalfa pellets annually for local sales and export. Wheat, Barley and Canola are also grown in the area.
Coal On May 8, 2008, a major coal discovery by Goldsource Mines Inc. sparked a land rush for coal prospecting permits. There have been many successful drill programs by such companies as Saturn Minerals, Wescan Goldfields Inc., North American Gem, and Westcore Drilling.
Tourism Hudson Bay has become a much sought after location for recreational snowmobiling. Tourists from across Canada and the United States visit Hudson Bay to experience its diverse, natural surroundings. An increasingly important industry is large game hunting in the area. == Transportation ==