Research suggests dependence upon natural resource development leads to decreases in per capita income, increases in inequality, and elevated poverty. Natural resource development generally takes two forms, extractive (e.g. oil and gas, mining, timber) and non-extractive (e.g. tourism, recreation, real estate). However, research has rarely examined both in-tandem. Drawing on the concept of dependence (i.e. over-specialization), I test the hypothesis that increasing levels of both forms of development resulted in diminishing returns to economic prosperity—operationalized as per capita income, inequality, and poverty—in rural America over the period of 2000 to 2015. Extractive development exhibited diminishing returns to all outcomes at high levels of specialization. Non-extractive development had a generally negative relationship with per capita income and no relationship with poverty or inequality. Support for the overall hypothesis was mixed, with the returns of non-extractive development being more negative than expected.