The population rapidly grew to several thousand, and many of the town's fine historic buildings date to that era. The economic panic of 1893 ended that era. Flooding, flooding, and more flooding have affected this highland community during its history. Not only Big Wills Creek, but Little Wills Creek, and a host of tributary mountain streams traverse the community. The downtown area is in Little Wills Valley.
Flash flooding is a particular concern.
Tornadoes, winter storms, and severe thunderstorms are other natural hazards in the area. In addition, there are hazardous materials associated with the many manufacturing plants and the transportation arteries. From its beginnings in 1906, the hosiery knitting industry has developed into more than 150 mills in De Kalb County, employing over 6,000. The largest by far is Prewett Mills. Fort Payne also is home to Earthgrains Bakery, supplying specialty breads throughout the Southeast, and to Game Time, producer of children's play equipment.