The Municipality of Powassan currently supports several businesses, the most prominent of which are;
Oshell's Valu-Mart,
Bank of Nova Scotia,
Brewer’s Retail,
LCBO,
Quality Hardwoods

Agriculture is also a well-established industry in this area, supporting four agriculture-based stores, including an equipment dealership. The lumber industry provides employment in the south end of the municipality at the Trout Creek Planing Mill.

Tourism is a year-round business in Powassan. With our beautiful summers and snowy winters, the Municipality attracts cottagers and campers as well as snowmobilers. While providing basic services to visitors, there are few tourist-oriented businesses in either of our downtown areas, presenting an area for potential future growth.

The Municipality is also home to several residential homes for seniors and outpatient/group homes for psychiatric patients. These provide employment not only to the health care professionals who work there, but also to various support and maintenance personnel and to two Powassan pharmacies.

Eastholme Home for the Aged currently maintains an occupancy of 99%. This is a 104-bed facility situated on 60 acres of woodland. Eastholme is within easy walking distance of downtown Powassan.

Lady Isabelle Nursing Home, located in Trout Creek, is a privately owned, 66-bed facility with an average occupancy of 85 – 90%. Many of the residents are from Trout Creek and East Parry Sound, allowing seniors to stay close to family and friends in a familiar community. For active seniors, there are also two apartment buildings within the Municipality.

The Pines is an apartment-style residence, with laundry, mail and common room facilities. The one-and-two-person apartments are in a quiet area of the town, next to Eastholme and The Pines Hiking Trails. As well, there is another apartment building, located more centrally just off Main Street. This privately owned building is within walking distance of the Sportsplex, Kwik-Way and other downtown Powassan businesses and services.

Eide House, Rutledge and Hillcrest are all outpatient facilities within the Municipality. The largest of the three, Eide’s is a privately owned 40-bed facility that provides care for low-risk psychiatric outpatients from across the province. Rutledge and Hillcrest are both smaller facilities, but they too provide excellent care in a group home setting.

With a slightly higher than average mean age, Powassan is a great retirement destination. The Golden Sunshine Club, The Royal Canadian Legion and the Lions, as well as the many churches in the area, all provide senior-oriented recreational activities, and the proximity of the soon-to-be-completed North Bay General Hospital all make this a great place to retire.