The largest employer in Piedmont is the Piedmont Elementary School, where 68 staff members work.

Community members also work at the Elk Creek Valley Market and Slash J Bar & Grill, as well as a handful of cafes, a gas station and small mechanic shops. But because Piedmont is a bedroom community of Rapid City, many residents commute to their places of employment in Rapid City.

The economy of Piedmont was once more robust, with a gypsum plant in the mid-1900s, multiple saw mills, several restaurants and three banks. By 1977, the only major industry in the Piedmont area was the Little Rivers Lumber Company.

Like several of the small towns near Sturgis, the Piedmont economy benefits during the annual Sturgis Motorcycle Rally in August, which brings business and fills the campgrounds bordering the town.

According to South Dakota Department of Revenue Gross Sales Tax Revenue reports, Piedmont receives most of its sales tax from retail and service industries. To see complete, monthly reports of sales tax information on Piedmont, visit the South Dakota Department of Revenue website. Below is an interactive graph detailing the gross sales by sector for Piedmont from May 2012 through April 2013.