It has been a center of economic growth recently, due to its proximity to projects involved with the Hibernia offshore oil platform.

Two lookout points[5] exist within the town of Arnold's Cove.

Ivy's Lookout is small, mostly unmarked, and sits right on the water of Arnold's Cove itself, also looking west.

Additionally, the Big Pond Bird Sanctuary, also known as the Arnold's Cove Bird Sanctuary, offers east-facing views of a tidal inlet that is home to local waterfowl.

[6] Modern Arnold's Cove has four churches and no other listed religious buildings.