When settlers commenced farming the area in 1853, Franklin Harbour became a logical place to load ships for export of wheat and wool and a small settlement was soon established.

To date over 100 outcrops have been found within an area of 9 square kilometres and as such has been designated by the South Australian Department of Minerals and Energy Resources as the "Cowell Jade Province".

The historic Franklin Harbour Hotel in Main Street is listed on the South Australian Heritage Register.

[8] The township of Cowell lies on Franklin Harbour, a naturally a land-locked bay with a narrow entrance through which the tide rushes in and out.

This results in calm waters inside the harbour, with much of the bay being dominated by shallow tidal mud flats and associated mangrove ecosystems.

Agriculture and commercial fishing have long been the dominant sectors of the local economy, with commodities such as wheat and wool being the driving force for the establishment of the town.

Tourism is an important economic drive for the town, with tourists flocking to the area at Easter and over the summer holidays.

The Sea SA ferry service departs from nearby Lucky Bay across the Spencer Gulf to Wallaroo.

[12] Cowell Airport is located near the town, offering access by small aircraft but is not served by any airlines.