The town was originally named Milltown after its most prominent early industry: sawmilling. By the 1870s there were brickyards and a spool factory in operation. During the mid 1880s woollen mills had opened; in particular, Hopewell Woollen Mill Company was known for its production of dress goods, flannel, blankets and yarn.

The community was also noted for its furniture construction. The production of granddaddy chairs, for example, was regarded as one of the specialties of John Macarthur's furniture factory. Macarthur's factory is also noted for the construction of "the oldest running car in Canada" referred to as the "Victorian." Unfortunately by the early 19th century, fire had destroyed the Hopewell Woollen Mill, and it was never rebuilt.

Tanning leather remained an important operation until the First World War as did lumbering, which continued to remain active throughout the 1930s and into the 1940s.