Nevada Economy

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.

In portions of the state outside of the Las Vegas and Reno metropolitan areas, mining and cattle ranching are the major economic activities. By value, gold is by far the most important mineral mined. In 2004, 6.8 million ounces of gold worth $2.84 billion were mined in Nevada, and the state accounted for 8.7% of world gold production. Silver is a distant second, with 10.3 million ounces worth $69 million mined in 2004. [4] Other minerals mined in Nevada include construction aggregates, copper, gypsum, diotomite and lithium. Despite its rich deposits, the cost of mining in Nevada is generally high, and output is very sensitive to world commodity prices.

As of January 1, 2006 there were an estimated 500,000 head of cattle and 70,000 head of sheep in Nevada.[5] Most of these animals forage on rangeland in the summer, with supplemental feed in the winter. Calves are generally shipped to out-of-state feedlots in the fall to be fattened for market. Over 90% of Nevada's 484,000 acres of cropland is used to grow hay, mostly alfalfa, for livestock feed.

Nevada is also one of only a few states with no personal income tax and no corporate income tax. The state sales tax in Nevada is 6.5%. Counties can assess option taxes as well, making the combined state/county sales taxes rate in some areas as high as 7.75%. Sales tax in Carson City is 7.125% and sales tax in Washoe County is 7.375%, while sales tax in Douglas County is 6.75%.

Nevada's booming economic center of Las Vegas