The town was traditionally a little fishing village. The cod fishery was once the strongest industry in the community, but today a multi species fishery remains in the community. The types of catch includes crab, lobster and caplin.
Some residents commute to nearby communities for employment.
The residential and business tax rates in the Town of Upper Island Cove are competitive with other towns on the Baccalieu Trail. Municipal Services Upper Island Cove incorporated as a municipality on October 19, 1965. The Upper Island Cove Town Council consists of 6 councillors and a mayor. A copy of the Town Plan can be obtained at the town council office. 27 Goff Ave.