The main industry in Ballaghmore is farming. The village has a thriving community, with a hurling club, Kyle GAA and a local church. Family names from this area include Keogh, O'Grady, England, Gilmartin, Rigney, Phelan, Delaney and Maher.
It is mainly known for Ballaghmore Castle which is situated in a truly beautiful landscape, with excellent walking and mountain climbing opportunities. The caste derived its name from the Bealach Mor, the ancient road to Munster on which the castle is located.
Ballaghmore Castle was built in 1480 by the Irish chieftain MacGiollaphadraig, translated as Son of the Servant of Patrick and nowadays conveniently called Fitzpatrick. Like many other castles Ballaghmore Castle was damaged by Cromwellian forces in 1647 during the Laois-Offaly Plantation.
A Mr Ely restored the castle in 1836 and found a hoard of gold on the land in the process. Mr Ely was killed by an angry farmer and never lived in the castle. The uninhabited building was used as granary and fell in disrepair until it was bought by its present owner in 1990.