Carters Cove was first settled in 1850 by Thomas Burt, George Farr, and George Burt who came from Tizzards  Harbor. They settled in Carters Cove  because of the good fishing grounds and logging area. People living in Twllingate and other nearby communities,   would come to Carters Cove, in an area commonly known as Shack Town, to cut firewood.
 While the logging industry was an important part of life for many, Carters Cove was primarily a fishing community in the 1800's and early 1900's.  Edward. G . Farr was the only known farmer in the community. People traveled to other parts of the island to find employment in the logging industry with the A.E. company.  The original settlers made their mark on the community as eventually the Farr’s became business men, the Burt’s became trades people and the Scott’s became loggers.