In 1693, the Budd family has deeded lands in the western New Jersey territory known as Hampton Hanover. In 1752, David Budd went into partnership with Patrick Reynolds, Robert Smith, and Daniel Smith to create an industrial complex consisting of a grist mill, a sawmill, and several other commercial buildings and residences; in essence one of the first "company towns" in America. Once the development was completed, the town was renamed New Mills, in deference to the milling operation, which was the hub of activity and main employer in the area. Industry flourished as more craftsmen settled and the town grew to include a cotton manufacturer, haberdashery, clock-makers, and carpenters skilled in furniture making.

