Georgetown was named after George Kennedy, who settled here in 1821. He built a sawmill, grist mill, foundry and a woollen mill, which began the early economic development of the area. In the early 1950's a man named Rex Heslop arrived in Georgetown with plans to expand the town with large residential, commercial and industrial development. Construction began in 1955 and attracted some industry to Georgetown, but the industrial base did not materialize to support the local demands that accompany a growing residential area. In February 1959 the federal government decided to cancel the Avro Arrow project in nearby Malton and over 600 Georgetown area people became unemployed. By 1960 Georgetown had reached a population of 10 000 and a year later the community had its own hospital. On January 1, 1974 Georgetown was absorbed into the new regional town of Halton Hills.