Akranes ranks among the most important fishing ports of Iceland and fishing and fish processing provide for a large part of the livelihood of the inhabitants. Heavy industry is also considerable, such as a cement factory, which supplies nearly all construction projects in Iceland, is within the town, an Alloy Plant and an Aluminium Smelter are at Grundartangi in the proximity.

The shipyard is renowned for shipbuilding and repairs and other light industries are known throughout the country for professionalism. Commerce and trade are also thriving and tourism is well organized and offers a variety of tours and entertainment for visitors, such as golf, deep sea fishing, trout- and salmon fishing and pony trekking, to name a few.

Football (soccer) is the most popular sport in Akranes. The town’s football team has for many decades been one of the top teams in Iceland and has been national champions more often than not. The captain of the National Team comes from Akranes and he has in the past worked miracles with the team and its achievements have created a healthy respect from other countries, even world champions.

During mid summer 1998 a tunnel under The Hvalfjordur, the Whale Bay, was opened for traffic.  It shortened the distance from Reykjavik by 59 kilometres and is now 49 km.