Historically, Grayson was a thriving agricultural community centered around cotton farming, which dominated the local economy until the mid-20th century.
Today, modern commercial agriculture has entirely given way to suburban residential and commercial development. There are no large-scale working farms, livestock operations, or commercial forestry businesses remaining within the city limits. However, the legacy of its agricultural past is occasionally celebrated in community historical events, and local residents frequently participate in home gardening and support nearby regional farmers' markets.