Its largely rural setting makes it appealing to outdoor recreation enthusiasts on both land and water, and the world-famous Blue Ridge Parkway bordering the county attracts many visitors.
Tobacco is still a major crop, and dairy farms are plentiful.
The village of Ferrum is home to Ferrum College, and Boones Mill specialty shops draw travelers from U.S. 220. The county's population is a mixture of families whose roots are generations deep, including several communities of plain people such as German Baptists, and newcomer retirees in the Smith Mountain Lake area, drawn by the moderate four-season climate and comparatively low land costs and real estate taxes. This mixture, combined with the community of Ferrum College, provides for a range of diversity surprising for a predominately rural county. A strong interest in traditional culture persists, and Franklin County's reputation as a producer of illegal liquor is still widespread. These festivals are supported by active community groups, and many benefit nonprofit organizations.