Industrial Expansion Fund Helping Nova Scotias Economy

first_imgA analysis of the province’s Industrial Expansion Fund shows it created or maintained an estimated 11,000 full-time jobs during a six-year period ending in March 2007. The analysis shows a return of $1.89 for every dollar invested from the fund. “It is important that government play an active role in creating new jobs, especially in a time of economic challenges,” said Angus MacIsaac, Minister of Economic Development. “We know we are having an impact when the number of manufacturing jobs in Nova Scotia has actually increased despite the ongoing economic challenges facing this sector.” About two thirds of the fund’s investments were for the manufacturing sector. The latest information from Statistics Canada shows that while manufacturing jobs have been declining on a national basis, Nova Scotia’s manufacturers experienced an increase of an estimated 2,000 jobs in February. During the six-year period of the analysis, the Industrial Expansion Fund invested $146 million in 40 private businesses, crown corporations and economic development agencies. A number of those organizations received more than one investment. The analysis shows that the fund helped generate $7.2 billion in sales, including exports, $1.7 billion in household income, and $213 million in provincial tax revenues. It directly contributed $688 million to Nova Scotia’s gross domestic product, or 2.4 per cent. Nova Scotia Business Inc. did an analysis covering the same time period. Together, the agency and the fund created or maintained 22,700 full-time jobs. The number rises to 39,300 when spinoff jobs are included. Nova Scotia Business Inc. is the province’s business development agency. It proactively attracts foreign direct investment and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital. The Industrial Expansion Fund does not actively seek out investment opportunities but responds to situations as they occur. NSBI and the department play distinct and complementary roles in the province’s overall economic development efforts. The analysis of the fund was conducted by Collins Management Consulting & Research Ltd. of Dartmouth at a cost of $16,000. The analysis is available on the department’s website at gov.ns.ca/econ/IEFreport/impacts07 . The Industrial Expansion Fund is one method provincial government uses to support economic development in the province. It is key to helping industries involved in innovative research and technology, while contributing to a prosperous and sustainable business climate for Nova Scotia. The fund has considerable flexibility in the amount and type of funding it can provide.last_img

first_imgA analysis of the province’s Industrial Expansion Fund shows it created or maintained an estimated 11,000 full-time jobs during a six-year period ending in March 2007. The analysis shows a return of $1.89 for every dollar invested from the fund. “It is important that government play an active role in creating new jobs, especially in a time of economic challenges,” said Angus MacIsaac, Minister of Economic Development. “We know we are having an impact when the number of manufacturing jobs in Nova Scotia has actually increased despite the ongoing economic challenges facing this sector.” About two thirds of the fund’s investments were for the manufacturing sector. The latest information from Statistics Canada shows that while manufacturing jobs have been declining on a national basis, Nova Scotia’s manufacturers experienced an increase of an estimated 2,000 jobs in February. During the six-year period of the analysis, the Industrial Expansion Fund invested $146 million in 40 private businesses, crown corporations and economic development agencies. A number of those organizations received more than one investment. The analysis shows that the fund helped generate $7.2 billion in sales, including exports, $1.7 billion in household income, and $213 million in provincial tax revenues. It directly contributed $688 million to Nova Scotia’s gross domestic product, or 2.4 per cent. Nova Scotia Business Inc. did an analysis covering the same time period. Together, the agency and the fund created or maintained 22,700 full-time jobs. The number rises to 39,300 when spinoff jobs are included. Nova Scotia Business Inc. is the province’s business development agency. It proactively attracts foreign direct investment and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital. The Industrial Expansion Fund does not actively seek out investment opportunities but responds to situations as they occur. NSBI and the department play distinct and complementary roles in the province’s overall economic development efforts. The analysis of the fund was conducted by Collins Management Consulting & Research Ltd. of Dartmouth at a cost of $16,000. The analysis is available on the department’s website at gov.ns.ca/econ/IEFreport/impacts07 . The Industrial Expansion Fund is one method provincial government uses to support economic development in the province. It is key to helping industries involved in innovative research and technology, while contributing to a prosperous and sustainable business climate for Nova Scotia. The fund has considerable flexibility in the amount and type of funding it can provide.last_img

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