Lake Norman provides electricity to the Piedmont region of the Carolinas. It powers the generators at the hydroelectric station at Cowans Ford and is used by Marshall Steam Station and McGuire Nuclear Station to cool the steam that drives their turbines. The lake supplies water to Lincoln County, Mooresville, Charlotte (and other towns in Mecklenburg County, particularly Davidson and Huntersville.)

Duke Power partnered with the state of North Carolina to establish Lake Norman State Park. It has also built two bank fishing areas and eight public boating access areas along the shoreline. One site is leased to Mecklenburg County and one to Iredell County. Popular game fish in Lake Norman include crappie, bluegill and yellow perch, as well as striped, largemouth, and white bass.

Lake Norman has done much to contribute to the area's economy; many communities have sprung up on the lake's shores, with vacation and primary residences bringing many people into the area. Many farming communities have turned to chic residential neighborhoods, including, on the south end of the lake, the upper-reaches of the Charlotte suburban zone.