During the 1720's Trinity was home to about 30 permanent families and host to 200-300 seasonal fishermen per year. By 1869, the population peaked at more than 800 people. Until recent years, the inshore, Grand Bank and Labrador fisheries sustained the community. Since the decline in the fishery, lumbering, coopering, shipbuilding and other trades have become prominent industries. Historically, education was an important component of the community, with navigation and business education being taught at Trinity's Commercial School.
The preservation of Trinity's cultural and architectural heritage has made it perhaps the most notable 'heritage community' in the province. Sustainable growth in existing and new businesses, including theatre, is clearly evident as Trinitarians, along with residents of the surrounding communities, play host to thousands of visitors per year.