It is solely indebted for its growth and prosperity to the residence of Messers. Malcolmson and Sons, who introduced the cotton manufacture, and erected buildings for carrying it on upon a very extensive scale. The town is situated on the confines of Curraghmore Park, the princely seat of Marquess of Waterford, from which it is separated only by the Clodagh, a deep and rapid stream, on whose margin the mills are erected: the total number of houses is 489, many of which are handsome and well built, and the remainder neat cottages roofed with slate.

The manufactory is a spacious and lofty building (with a flat roof, on which is a reservoir for water,) fitted up with the most improved machinery, propelled by three large water-wheels and three steam-engines, the united power of which is estimated at more than that of 300 horses. The works afford constant employment to considerably more than 1000 persons; the amount of capital expended weekly is not less than £600. Connected with them are numerous trades to which they furnish employment; and in all the various departments upon which they have an influence, it is calculated that more than 4000 persons are procuring a comfortable subsistence. The cottons, when manufactured, are bleached on the premises, and are chiefly sold in the home markets, though large quantities are sometimes sent to America.

The health, education, and morals of this newly created colony have been strictly attended to by its patrons: a dispensary for the benefit of the working people has been established, under the care of a resident surgeon within the walls of the concern; and a second dispensary is supported by the Marquess of Waterford. The formation of a temperance society has been so successful that its members are nearly 500 in number: meetings of the society are held once every fortnight in a spacious apartment fitted up for its accommodation. The fairs of Clonegam are now held here, on Easter Monday, May 28th, and Aug. 26th. 

A sub-post office is in connection with Carrick-on-Suir; there is a constabulary police station, and petty-sessions are held generally once a month. A Presbyterian place of worship in connection with the Synod of Munster, built by subscription, in the Guilcagh part of Portlaw, was opened in 1845. There is also a Roman Catholic chapel.