Missouri's central location and access to the Mississippi River contributed to its growth as a commercial center. By the mid–1700s, the state's first permanent settlement at Ste. Genevieve was shipping lead, furs, salt, pork, lard, bacon, bear, grease, feathers, flour and grain, and other products to distant markets. The introduction of steamboat traffic on the Mississippi, western migration along the Santa Fe and Oregon trails, and the rise of the railroads spurred the growth of commerce during the 19th century. Flour and grist mills, breweries and whiskey distilleries, and meat-packing establishments were among the state's early industrial enterprises. Lead mining has been profitable since the early 19th century. Grain growing was well established by the mid-18th century, and tobacco was a leading crop 100 years later.
Missouri's economy remains diversified, with manufacturing, farming, trade, tourism, services, government, and mining as prime sources of income. Today, automobile and aerospace manufacturing are the state's leading industries, while soybeans and meat and dairy products are the most important agricultural commodities. The state's historic past, varied topography, and modern urban attractions—notably the Gateway Arch in St. Louis—have made tourism a growth industry in recent decades. Mining, employing less than 1% of the state's nonagricultural workers, is no longer as important as it once was. Missouri posted moderate growth rates in the late 1990s, averaging 4.36% 1998 to 2000, and falling to 2.5% in the national recession and slowdown of 2001. Manufacturing output fell nearly 6% between 1997 and 2000, while output from financial services, including insurance and real estate, increased 29.2%; output from general services increased 25%; and from government services, 22.6%. Missouri began losing jobs in the first quarter 2001, four months ahead of the US as a whole. More than 12,000 jobs were lost in 2001, 62% in the manufacturing sector. Unemployment peaked at 5.4% in June 2002, but manufacturing unemployment continued above 6%. Office vacancy rates in St. Louis and Kansas City in 2002, at 17.7% and 18.6%, respectively, were above the national average of 16.5%. Missouri's farm sector was also afflicted by drought in 2002, which contributed to 22% decrease in corn production, and a 17% decrease in soybean production, compared to 2001. Cattle production was also disrupted by the drought-induced shortages of hay and pasture. Stress on the farming sector persisted into the winter of 2002–2003 as drought conditions continued.
Missouri's gross state product was $181.5 billion in 2001. General services contributed $38.6 billion, trade, $30.8 billion; manufacturing contributed $30.4 billion; financial services, $30 billion; government, $21.6 billion; transportation and public utilities, $17.8 billion, and construction, $9.6 billion. In 2001, the public sector accounted for 11.9% of gross state product.