New Hope has a thriving business community of nearly 500 businesses, with an almost equal number of industrial and retail businesses.

New Hope has three clusters of retail businesses in the City Center area near the intersection of Winnetka and 42nd avenues, in the Winnetka Commons area near the intersection of Winnetka and 36th avenues, and the Midland Center area near the intersection of Winneka Avenue and Medicine Lake Road.The city also has two industrial areas: west of Boone Avenue from 49th Avenue to Bass Lake Road and much of the land east of Winnetka along the Canadian Pacific Railroad line between 32nd and 51st Avenue.

New Hope's employers provide a significant number of jobs. The 2010 US Census indicated that there are 11,080 jobs located in the city. The estimated daytime population is 20,339.