The fishing industry has historically been a large and important part of the local economy. In recent years, other industry and business services have also begun. Higher education is also a growing sector in the local economy. Twenty percent of the work force is in the service industry.
Two of the five largest fishing companies in Iceland are headquartered in Akureyri. The ice-free port is a contributing factor. Other large companies in Akureyri include Samherji, Norðurmjólk, Brim hf, and Vífilfell, the largest brewery in Iceland. Sjúkrahús Akureyrar (FSA/Akureyri Hospital) is a major employer in the area and is one of two major hospitals in Iceland.
Corporations pay a tax rate of 18% to the national government, which is one of the lowest in the world. There are no additional local corporate taxes. Property tax, at 1.99%, accounts for most of the tax base. A local government deficit of ISK 1 billion (US$ 9 million) was anticipated in 2009 prompting a cut in salaries of the mayor, town councilors, and committee members by 10% and increases in local taxes and property taxes
