diff --git a/src/smallmap_gui.cpp b/src/smallmap_gui.cpp
--- a/src/smallmap_gui.cpp
+++ b/src/smallmap_gui.cpp
@@ -447,18 +447,6 @@ static inline uint32 GetSmallMapVehicles
  */
 static inline uint32 GetSmallMapIndustriesPixels(TileIndex tile, TileType t)
 {
-	if (t == MP_INDUSTRY) {
-		/* If industry is allowed to be seen, use its colour on the map */
-		IndustryType type = Industry::GetByTile(tile)->type;
-		if (_legend_from_industries[_industry_to_list_pos[type]].show_on_map &&
-				(_smallmap_industry_highlight_state || type != _smallmap_industry_highlight)) {
-			return (type == _smallmap_industry_highlight ? PC_WHITE : GetIndustrySpec(Industry::GetByTile(tile)->type)->map_colour) * 0x01010101;
-		} else {
-			/* Otherwise, return the colour which will make it disappear */
-			t = (IsTileOnWater(tile) ? MP_WATER : MP_CLEAR);
-		}
-	}
-
 	const SmallMapColourScheme *cs = &_heightmap_schemes[_settings_client.gui.smallmap_land_colour];
 	return ApplyMask(_smallmap_show_heightmap ? cs->height_colours[TileHeight(tile)] : cs->default_colour, &_smallmap_vehicles_andor[t]);
 }
@@ -752,6 +740,24 @@ inline uint32 SmallMapWindow::GetTileCol
 				break;
 			}
 
+			case MP_INDUSTRY:
+				/* Special handling of industries while in "Industries" smallmap view. */
+				if (this->map_type == SMT_INDUSTRY) {
+					/* If industry is allowed to be seen, use its colour on the map.
+					 * This has the highest priority above any value in _tiletype_importance. */
+					IndustryType type = Industry::GetByTile(ti)->type;
+					if (_legend_from_industries[_industry_to_list_pos[type]].show_on_map) {
+						if (type == _smallmap_industry_highlight) {
+							if (_smallmap_industry_highlight_state) return MKCOLOUR_XXXX(PC_WHITE);
+						} else {
+							return GetIndustrySpec(type)->map_colour * 0x01010101;
+						}
+					}
+					/* Otherwise make it disappear */
+					ttype = IsTileOnWater(ti) ? MP_WATER : MP_CLEAR;
+				}
+				break;
+
 			default:
 				break;
 		}