Húnaþing vestra is primarily an agricultural region with sheep farming and horse breeding of most economic importance. New agricultural ventures catering to changes in consumer tastes are also appearing in the region. These farms supply locally grown produce for domestic consumption, for examples vegetables, rabbits and chickens. Fishing was an important industry for the region although it has declined over the past decade. Fishing vessels still ply their trade in Húnaþing vestra, however, and shrimp are processed at a factory based in Hvammstangi.