The increased use of cars in the 1950's and 60's was the great boost for the municipality. Today the car industry, dominated by Volvo Cars, is the largest employer in Olofström.
In May, 2005, it was reported that the town Olofström plans on building solar cells on the roofs of seven of its apartment houses. They would, if granted, form the largest solar cell park in the Nordic Countries, and produce between 70,000-100,000 kilowatt hours yearly. These solar cells are produced in the small village of Vilshult, located 10 km north of the town.