Eagle Lake has long been an agricultural community. Rice is the major crop; however, cotton, grains, and cattle production are also important to the economy. Sand and gravel mines around Eagle Lake supply the materials for construction to a large part of southeast Texas. Today, Eagle Lake is diversifying its economy with a strong emphasis on bringing new industry into the area as well as helping existing businesses prosper and grow.

The rice fields, along with the largest private lake in the State of Texas, Eagle Lake, provide an attractive wintering ground for many migratory birds. The hunting industry that thrives each winter has earned Eagle Lake the title  "Goose Hunting Capital  of the World."

In addition to the ducks and geese that winter in the Eagle Lake area, there are many other species of fowl that find an attractive habitat in the Eagle Lake area. At the Attwater’s Prairie Chicken Wild Life Preserve nearby, a major effort is being made to save the endangered species. The City has developed a nature area that includes an observation platform overlooking the lake. This provides the public with a view of the lake and the many birds, alligators, and other wildlife that make this beautiful lake their home. Eagle Lake truly is "A Nature Lovers Paradise."