Nevada is disadvantaged by aridity and a shortage of arable land but blessed with a wealth of mineral resources—gold, silver, copper, and other metals. Mining remains important, though overshadowed since World War II by tourism and gambling, which generate more than 50% of the state's income. Legalized gaming alone produces nearly half of Nevada's tax revenues. Throughout the 1990s, employment growth averaged 5.2% annually. The state economy roared into the 21st century, posting annual growth rates of 7.7% in 1998, 9% in 1999, and 8.6% in 2000. The national recession and slowdown in 2001 caused the pace of job growth to fall to 2.4% and the overall the growth rate to fall to 4.9%, but these remain well above national averages. Job growth in Nevada has been centered on growth in services, the retail trade, government and the construction sector.
Nevada's gross state product in 2001 was $79.2 billion, the 32nd highest among the states, to which general services contributed $25.2 billion; financial services, $14.9 billion; trade, $12.1 billion; government, $8.3 billion; construction, $7.5 billion; transportation and public utilities, $5.8 billion, and manufacturing, $3 billion. The public sector in 2001 constituted 10.5% of gross state product, below the average of 12% for all the states.