Davenport's father owned and operated a large estate and was active in numerous business ventures including stores, farms, lumber, freight transportation, and real estate speculation.[1] After his father's death, Davenport took over management of these enterprises.[1]
The Davenport family's charitable donations included founding a home for orphaned girls, which was financed by the senior Ira Davenport and his brother Charles, and supported by Ira Davenport Jr.[1] Once closed after 94 years of operation, the orphanage's assets endowed Bath's Ira Davenport Memorial Hospital, which was named after the senior Ira Davenport.[7] The younger Ira Davenport was a founder of the Bath Soldiers' and Sailors' Home and the town's public library.[8] From 1906 to 1999 (when a new facility opened), the library was named for Ira Junior. The Davenports also made substantial contributions to fund Bath's monumental First Presbyterian Church, with its Tiffany sanctuary. A small Davenport Park in Bath is named for the family, and a squash court at Amherst College is named for Ira Junior's brother John.[9]