Mining shaped Nevada's economy for many years. Although, in the late 19th century, Nevada found it increasingly more difficult to compete with states such as Colorado and Utah in the mining industry.

There was even talk of stripping away statehood, the only time in American history such an action was discussed in Congress[citation needed]. However, the rich silver strike at Tonopah in 1900 is thought to have saved the state from near collapse. This was followed by strikes in Goldfield and Rhyolite, lasting well into the 1910s and making Nevada a dominant player in mining once again.

The Bureau of Economic Analysis estimates that Nevada's total state product in 2003 was $88 billion. Per capita personal income in 2003 was $31,910, 19th in the nation. Its agricultural outputs are cattle, hay, alfalfa, dairy products, onions and potatoes. Its industrial outputs are tourism, mining, machinery, printing and publishing, food processing, and electric equipment. It is well-known for gambling and prostitution (though the latter is illegal in Clark County). Large, luxurious casinos in Las Vegas, Lake Tahoe and Reno attract visitors from around the world.