Arvika has several heavy industrial production facilities which employ the majority of the population, among these Thermia, Volvo Construction Equipment (Wheel loaders), Arvika Gjuteri (nodular and grey iron foundry) and Coffee Queen, a coffee machine factory.

Arvika is also home of NHL player Jacob De La Rose, drafted by the Montreal Canadiens in 2012.

[2] The Arvika Festival (since 1992) was the biggest annual event in the area, with several international bands visiting the town during three days in July every summer.

In recent years such bands as Einstürzende Neubauten, Hot Chip, Robyn, The Knife, Ministry, New Order, Kraftwerk and Franz Ferdinand have performed here.

The highest recorded temperature since the weather station's inception in 1945 is 33.9 °C (93.0 °F) on August 7, 1975, and the lowest is −38.0 °C (−36.4 °F) from February 9, 1966.