The people of Faro are now focused on practical economic development opportunities to guide the community. Important issues include residential development, community facilities, recreation, the environment, infrastructure and social well-being. Although Faro was created as a community to house workers and provide services to the Cyprus Anvil Mine, mining is no longer the base of the community's economy. In 1996, when the Anvil Range mine was still producing, well over 50 percent of the community's workforce was employed in mining. Other industries provided services to the mine, such as transportation of minerals or delivery of goods.

Faro also has community services, such as education, health, and government services. Still other service sectors, such as retail trade and accommodation and food services, although much smaller now than when the mine was in operation, support some employment. Faro benefits from the considerable infrastructure of housing and facilities that was put in place when the mine was operating.

Faro is in the process of making an economic transition from mining to new opportunities. It is likely that mining will contribute at some level to the economic future of Faro, through reclamation activities and mine clean-up. These contributions will need to be complemented by other economic activities to ensure economic vitality.

Government, education, and health care employ a substantial number of people in Faro. Commercial activities provide retail services, accommodation, food, and other services to local people and visitors. Tourism is a component of economic activity in Faro, and is being actively encouraged to provide more economic support.