Like other Sanpete Valley communities, Spring City has always depended primarily on agriculture and animal raising for its economic base. After the seven-by-ten-block townsite had been laid out, land was distributed, cooperative irrigation ditches were dug, a common stock herd was created, and farming commenced in earnest. The town's earliest commercial enterprise was a cooperative store, initially operating out of a home. It purchased grain and farm produce, and sold general merchandise and farm equipment. Many residents engaged in stock raising, wool growing, and lumbering. Upon the arrival of the Rio Grande Western Railroad, Spring City's economic fortunes prospered. It exported its local products, including native oolite stone, which was shipped to larger northern cities for use in the construction of fine buildings.

Predominantly a Mormon community throughout its existence, Spring City also has been home to Presbyterians, Methodists, and other denominations at various times. As the town grew, its residents built meetinghouses, schools, an amusement hall, a small group of business buildings along Main Street, and more than 200 residences in both Scandinavian and various American architectural styles.