Beavers are generally considered beneficial in situations where they do not compete with people for the use of the land, water or timber. Harvest of beaver pelts may be a source of income. Beaver ponds also attract a wide variety of other furbearing animals including mink, muskrat and raccoon. The unique dam- and pond-building attributes of beavers create favorable habitat for a variety of wildlife species, including fish, ducks, shorebirds, amphibians and reptiles.

Ponds created in beaver dams help stabilize water tables, reduce rapid runoff from heavy rainfall and reduce soil erosion by depositing silt in the pools. Beaver castoreum is used in numerous trapper's lures, perfumes and cosmetics. Finally, beaver meat is excellent table fare if properly prepared.