In 1966, as a result of oil and natural gas developments in the area, the Town of Rainbow Lake developed.

The town is an active community with a population of approximately 1,100 people. Approximately 80% of the population is 40 years of age and under.
The Town of Rainbow Lake is driven by the oil and gas reserves in the area. Careful community planning has led to a town which is quite well designed.

Highway 58 separates the bulk of the industrial businesses which are located on the south side of town, from a majority of the residential and retail areas located on the north side of town.

Due to the Town's relative isolation, the area's natural resources provide the most potential for growth.

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