[6] The building of roads and drainage ditches improved land conditions around Carrot River.
[8] In 1963, the Squaw Rapids Hydro-Electric was built 50 kilometres (31 mi) north of Carrot River, forming Tobin Lake, an excellent fishing and recreation area close to the town which attracts tourists from all over the world.
The operation has recently undergone a $14 million upgrade, although on February 20, 2008, Weyerhaeuser stated the mill would close permanently.
[7] Premier Sask Inc. harvests peat, a decayed matter and the precursor to coal and has a packing and shipping plant at Carrot River.
The town is also the home of the Carrot River Outback Thunder Junior B Hockey Team.