The development of Mitzpe Ramon was adversely affected by the opening of Route 90 in the late 1960s. After the inauguration of this highway, traffic to and from Eilat bypassed Mitzpe Ramon almost entirely. However, growing interest in ecotourism, Jeep trekking (access to Nabatean ruins), mountain biking and hiking, and the upgrading of Route 40, which is considered a more scenic route to Eilat, have improved the economy.
Jerusalem Marble, a major supplier and overseas exporter of Jerusalem stone established in 1923, inaugurated a new, state-of-the-art factory in Mitzpe Ramon in January 2000.
Mitzpe Ramon has six hotels and dozens of bed and breakfast establishments. In 2011, the Isrotel hotel chain opened a luxury hotel, the Beresheet Hotel, in Mitzpe Ramon.
The Tourism Ministry has allocated NIS 9.5 million for infrastructure development in Mitzpe Ramon, and the Ministry for the Development of the Negev and Galilee financed the construction of a landing strip for light aircraft
