Novi's economy includes international corporations with local and regional offices as well as owner-operated businesses serving the local area. While Novi is recognized for its large concentration of retail businesses clustered at the Novi Road and I-96 interchange, there are several large retail centers in the city as well as many individual retail businesses. Novi has car dealerships along Haggerty Road and Grand River Avenue. The city's industrial and office parks are home to companies in high tech research and development, health care, transportation and logistics, manufacturing and domestic and foreign automotive-related suppliers. Energy-related companies are one of the fastest growing sectors in the city. These companies include the headquarters for ITC Transmission, Novi Energy and offices of Patrick Energy Services.

Novi ranks among the top Oakland County communities for research, technology and service companies. To manage growth and to continue to attract commerce with its accessible location, Novi partners with local, state and federal agencies to enhance infrastructure. Novi has a Neighborhoods and Business Relations Group to attract and retain businesses and streamlined many of its planning and approvals processes to encourage new business and development, as well as redevelopment. The enhancements speed the process, allowing businesses to move ahead with plans for relocation or expansion. Novi has been able to attract several smaller, innovative international firms that have been able to incubate and expand into a larger facility, such as Howa USA Holdings, a Japanese auto supplier with a new research and development center in Novi specializing in interior components for vehicles.