The economy of Mayo is linked to providing services for the people of Mayo and the surrounding area. Government services, including First Nation and territorial administration, provide about a third of the jobs in the community. Placer mining and mineral exploration provide a non-governmental economic base for the community.
Although construction provided a significant share of employment in 2001, it is a highly variable sector, especially in a small community, depending as it does on whether there is a sizeable project.
Over the long term, tourism is a growing segment of the local economy. Accommodation, food services, recreation services (such as guiding and outfitting) and retail outlets cater to tourists in the area and provide work for local residents. In 2001, about 15 percent of employment was reported in the accommodation, food services, recreation services and retail trade sectors. As construction employment returns to more usual levels, the share of employment provided by tourism-related activities increases. Tourist attractions in the area include the history of the mines around Mayo, Keno and Elsa, the Keno City Mining Museum, and the Binet House Interpretive Centre in Mayo, a restored heritage house containing historic photographs and an extensive geological display. Other tourist activities along the Silver Trail include camping and hiking along a section of the Trans Canada Trail, also known as the Prince of Wales Trail, hunting and fishing on local lakes and rivers, and other outdoors pursuits.
Mayo is a distribution centre for mining operations, and a centre for exploration and development work. The 1996 Census showed that some residents still worked in mining.
People in the area also hunt and fish for food.
