In 1983 the town annexed a large area surrounding the townsite, including the small hamlet of Grantville. This increased the population of Three Hills to more than 2,000 people. In 1984, the town expanded yet again to include the Prairie Bible Institute and Ruarkville which increased the population to 3,375.

Recently, the town council has developed a business plan geared towards growth in population. The current population count, excluding Prairie Bible Institute Students, is 3,322 with a trading population of 10,000.

Agriculture is the primary industry in the area followed by oil and gas production. The municipality also produces approximately 6.3 per cent of Alberta's wheat, 10 per cent of the barley, 3.9 per cent of the canola, 11.63 per cent of the poultry, 7.7 per cent of the hogs and 2.11 per cent of the dairy.

The Town of Three Hills encourages new business ventures and supports existing firms.  

Three Hills central location provides residents with an optimal position for convenient commuting to various larger urban centers for business, education, and pleasure.   Three Hills is centrally located within an hour from Red Deer, Strathmore, Olds and Drumheller and within two hours from Calgary.  Three Hills prime location makes Three Hills a wonderful place to live!