Taga-Canaman have valued the uses of Livistona rotundifolia or anahaw, National Leaf of the Philippines, and its cultural significance. They have also recognized its importance, albeit not indigenous, to their livelihood. Anahaw does not only serve as raw material for roof shingles but it has also become an alternate material for other forms of products such as bags, purse, mats, slippers, costumes and others. Abaniko fan making in Canaman started in 1960s
in barangay Sta. Cruz as a leisure pursuit by Macario Adolfo and wife Victoria Bobis.
Farming, fishing, employment and small business are the primary sources of most household income of in the municipality. It is estimated that more than 60 percent of the households depend in agriculture and agriculture related activities for their main livelihood.
Various types of small cottage industries like handicraft, furniture, nipa shingles making are also conducted in this town to augment household income, and are considered as minor activities. Small sari-sari stores are also prevalent in all barangays while big business establishments are sprouting in barangays adjacent to Naga City and along the national highway.
Among the notable Small-Medium Enterprises (SMEs) located in the municipality are Arrow Feeds Corporation in barangay San Vicente, Daluro Shell Station in barangay San Agustin and J Emmanuel Pastries in barangay Haring. The Canaman Public Market serves as the hub of economic activities in the poblacion area.
Several subdivisions can also be found in Canaman such as Progress Homes, RJ Village, Nueva Caceres Subdivision, Villa Salvacion, Leticia Heights and others. A number of institutions from different sectors of the society including Mariners Polytechnic Colleges Foundation, Aeronautical Academy of the Philippines, Kolping Society, Church of Latter Day Saints, Our Lady of Prompt Succor, and several private preparatory schools have sprouted in the municipality.