The entire present-day economy of Ouray is based on tourism. Ouray bills itself as the "Switzerland of America" (about as close as America can get) because of its setting at the narrow head of a valley, enclosed on three and a half sides by steep mountains.
Much of the town tourism is focused on ice climbing, mountain biking, hiking and off-roading in four-wheel drive (4WD) expeditions into the San Juan Mountains. 4WD vehicles can be rented from a number of outfitters downtown. Ouray has also become a popular destination for motorcyclists, as it marks the beginning of the Million Dollar Highway. This stretch of highway connects Ouray to its neighboring cities of Silverton and Durango. The Million Dollar Highway is frequently regarded as one of the most beautiful roads in Colorado, but is also considered one of the most dangerous due to its sharp turns, steep ledges, and lack of guard rails.Like most towns in the Colorado mountains, Ouray was originally a mining town. However the evidence does not dominate the town. The largest and most famous mine is the Camp Bird Mine, the second largest gold mine in Colorado, established by Thomas Walsh in 1896.