The H. H. Franklin Manufacturing Company, from which the neighborhood's name comes from, produced cars in this area from 1902 to 1934. Transmission producer New Process Gear had a factory on Franklin Square before they closed it and moved to the Syracuse suburb of DeWitt in 1961. Franklin Square also held manufacturing of handbags, textiles, telephone booths, and dried milk.
The H. H. Franklin Manufacturing Company, the origin of the neighborhood's name, produced cars from 1902 to 1934. New Process Gear, which later moved to DeWitt in 1961, manufactured transmissions on Franklin Square and also operated factories for handbags, textiles, telephone booths, and dried milk.