Honokaa boasts a quaint and pleasant historic appeal about its downtown district. With the exception of this past year, every year since 1993 the Honokaa Peoples Theater has hosted the Hāmākua Music Festival. The festival has hosted a number of renowned jazz, classical, and Hawaiian folk musicians including Ray Brown, Gene Harris, James Moody, Ken Peplowski, Howard Alden, Eric Marienthal, Big Brother and the Holding Company, Hubert Laws, and many others. It has also contributed to the economy by bringing some tourism to the town since the Hāmākua Sugar Company discontinued the production of sugar in and around Honokaa in 1994.

Ranching, along with nascent diversified agriculture, is the primary industry in Honokaa and the Hamakua District. Honokaa now boasts a Saturday farmers' market, held on Māmane Street, and nearby, the Andrade Meat Market, featuring locally raised and grass fed beef.

While ranching and rodeos may seem idiosyncratic to some visitors, ranching in Hawaii actually boasts a longer tradition than the United States mainland. This tradition is celebrated annually on Western Weekend, which includes children's activities, Country Western Bands, a block party with Paniolo barbecue, a rodeo, and the ribald Saloon Girl Contest!