Wellston flourished for several years on the furnace and local mining industry, but most of the resources have now been depleted.

In October 2009, the Ohio state government declared the City of Wellston to be in a state of fiscal emergency "as defined by Section 118.03(A)(6) and 118.03(B) of the Ohio Revised Code" on the basis of a "treasury deficiency".

[14][15][16] General Mills is Wellston's largest source of employment, with roughly 900 employees.

There are a number of small businesses in Wellston, alongside a few chain restaurants and stores.

In 1923, Gem Beverages opened in Wellston,[17] bottling and distributing soda.

Despite no longer bottling soda, the brand remains locally famous and distributes to eight nearby counties.

The company's citrus soda, Ski, has earned the nickname, "Wellston Water," due to its popularity amongst the community.

In 2005, the library loaned more than 70,000 items to its 10,000 cardholders, and it had total holdings of over 31,000 volumes with over 90 periodical subscriptions.