Economic contribution of American Peat Technology
Key findings for communities
- During fiscal year 2017, American Peat Technology contributed an estimated $10.1 million to Aitkin County’s economy and supported 69 jobs.
- Top industries supported by the company included banking, electric power and housing.
- The company's plants in the towns of Spencer and Seavy will generate an estimated total of $23.4 million of annual economic activity, including $6.3 million in income in Aitkin County.
- The company will support 161 jobs.
- The expansions will generate an additional $41.4 million in economic activity, including $11.8 million in income to residents.
About this report
American Peat Technology is a peat harvesting company that has expanded rapidly. Wanting to understand the economic value of their Spencer plant expansion, the company contracted with Extension to examine their contribution in two areas. First, the study examined the impact in Aitkin County. Second, the study examined the impact in the eight-county region of Aitkin, Carlton, Cass, Crow Wing, Itasca, Kanabec, Mille Lacs and Pine Counties.
Data, analysis and findings in this report are specific to the geography, period and project requirements of American Peat Technology. University of Minnesota Extension neither approves nor endorses the use or application of findings and other contents in this report by other jurisdictions or companies.
Reviewed in 2018