Predominately an agricultural community, the economy has been enhanced by excellent fishing and hunting. Oil production has rapidly increased during the past few years. The positive labor climate and low turnover rates, combined with an enviable quality of life, create a receptive environment conducive to the business community. Highways 34 and 61 provide easy access to Interstates 70 and 80, and 203 miles to the west is Denver.​

Benkelman is also fortunate to have a wide variety of churches, two doctors and three nurse practitioners, a dentist and an optometrist, a newspaper, a grocery store, two convenience stores and gas stations, a pharmacy, a feed mill, a library, a motel, a grain elevator, several restaurants, a Senior Center, high-speed internet and cable access, and many more locally owned businesses.