Ballingarry had a vital weaving and linen industry until the Great Famine in 1845.
In the 21st century the town has some tourist enterprises.
Ballingarry has a long and proud sporting tradition with Hurling and in more recent years football as the Ballingarry A.F.C. The local Junior Soccer team won the Desmond League Premier Division in 2003/04 and the following year the Granagh-Ballingarry GAA club won the county Intermediate Hurling Championship to achieve Senior status for the first time since 1910. Canon Edward Hannon, one of the founders of Scottish football club Hibernian, was born in Ballingarry in 1836.