Logging, lobster, cod, and the Labrador fishery were all important to Carmanville's economy.

The economy was based on the Labrador fishery until its decline in 1930s and 40s.

The early settlers were inshore fishing families, but the community also became involved in the Labrador fishery in the 1870s.

By this time, however, the Labrador fishery had died and most fishing was carried out in local waters, for cod and lobster.

The population began to decline after the collapse of the Labrador fishery in the 1940s.

It became an important base for the Labrador fishery and the seal hunt.

By 1891 the population was close to 2000 people who relied mostly on the Labrador fishery.

By the 1870s the community had a number of businesses which participated in the local fishery and the Labrador fishery.

With the collapse of the Labrador fishery in the 1930s, the population began to decline.

However, with the collapse of the Labrador fishery in the 1930s, Templeman's population suffered a sharp decline.