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Plans are in place for a nuclear power plant to be run in conjunction with the nuclear engineering department at University of Texas of the Permian Basin, called High-Temperature Teaching and Test Reactor. Odessa's main enclosed shopping mall is Music City Mall, which includes Dillards, JC Penney, Sears, Burlington Coat Factory, an indoor ice skating rink, and a television station.

Construction of new retail in recent years has been concentrated on the city's northeast side.

Historically, the Odessa economy has been primarily driven by the area's oil industry, booming and busting in response to rises and falls in the crude oil price.

Many of the city's largest employers are oilfield supply companies and petrochemical processing companies.

In November 2007, the city approved a contract with a company that develops armaments for US Army helicopters to begin operations in Odessa.