The economic base of Provost is primarily oil and gas, followed by agriculture.
The agricultural community, consisting of ranching and grain farming, is in one of the best producing parts of Alberta, with up to 3,000 head of cattle sold on market day during the busy season. Spring seeding leads to many bumper crops where time-honoured traditions, such as helping the neighbour get his crop off in the fall, are still respected. Farmers operate with top quality machinery and keep up with new farming techniques using current technology in both their fields and offices. Located just east of town is a state of the art concrete grain terminal opened in 1999 by Agricore United.