The community grew from a tradition of fishing, lobstering, and boat-building. In 1861, Charles Mallory and Elihu Spicer, Jr. established the C. H. Mallory and Company Steamship line. In 1879, Robert Palmer put steam railways into his shipbuilding plant in Noank. His company became one of the largest in the United States at the time for making wooden ships, building one thousand vessels ranging from fishing boats to sound steamers. The fishing sailboat type known as the "Noank Smack" is indigenous to this village, such as the "Emma C. Berry" preserved at the Mystic Seaport. Around 1912, the Connecticut State Lobster Hatchery was established in Noank. Today, the village has several marinas, including one with 158 slips.