As it did in many other places, the Great Depression of the 1930's virtually eliminated the regional capital base. Many companies were sold or moved away. The second World War led
to the revitalization of the shipyards; however, in 1954, the shipyards moved their entire operation to Collingwood and this had a significant impact on the local economy. Nevertheless, gradual and continued diversification in all sectors brought the Town's population to 11,000 by 1972.