The economy of Cherry Valley is driven by tourism, in addition to agriculture. There are many beef and dairy farms surrounding the hamlet, and several wineries were opened in the first years of the 21st century. Ship building was a significant industry in the 19th century as well as service and support industries for local farms.
Rumours circulate in Cherry Valley about treasure buried in the local Outlet Sand Bar by French soldiers fleeing from English soldiers during the Seven Years' War.