Economy of Ouray

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. Popular destinations include Yankee Boy Basin, Engineer Mountain, and Black Bear Road. Recording artist (and later Ouray mayor) C. W. McCall helped make Black Bear famous in the area. His song "Black Bear Road" borrowed the phrase, "you don't have to be crazy to drive this road, but it helps," from a sign once posted somewhere at the beginning of Black Bear Pass.

Ouray is the winter ice-climbing capital of the U.S. The world's first ice climbing park, expanding on previously-popular natural falls, consists of dozens of frozen waterfalls from 80 to 200 feet (61 m) high farmed along more than a mile of the Uncompahgre Gorge. The water is supplied by a sprinkler system developed and maintained by a volunteer organization and supported by donations from local businesses, gear manufacturers and climbers. The Ouray Ice Park is free and attracts climbers from around the world. The annual Ice Festival is a weekend-long extravaganza of contests, exhibitions and instruction with many of the world's top ice climbers. Ice climbing has been a boon to the local economy as well, with hotels and restaurants that previously closed through the winter months now staying open to accommodate climbers.

There are numerous waterfalls along the road from Durango to Ouray, and within the city limits there are two waterfalls within easy reach. Cascade Falls is a short, 1/4 mile hike accessible from a parking lot on 8th Avenue. Box Canyon Falls is at the southwest edge of Ouray.

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