Industrial Estates Limited
- Industrial Estates Limited
Industrial Estates Limited (IEL) was a Crown corporation established by the Government of Nova Scotia in 1963.
IEL stemmed from the Voluntary Planning Act, instituted by Premier Robert Stanfield's administration in the same year. IEL began with a $23 million start-up investment from the government and received a mandate to build industrial parks and lease space to companies, though through an aggressive pursuit of outside investment.
IEL quickly began building and financing plants for companies that were willing to move to Nova Scotia. Frank Sobey, the first president of the IEL was very effective in attracting new companies to the province, and by 1968, 60 firms had benefited from the program, producing 10,000 new jobs and $40 million in provincial revenue.
IEL was at its zenith during the 1960s as it played an important part in modernizing the province's economy; its influence declined significantly in the 1970s.
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