Industrial Estates Limited

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Industrial Estates Limited (IEL) was an organization set up by the Nova Scotia government in 1963. The IEL stemmed from the Voluntary Planning Act, instituted by the Robert Stanfield government in the same year. The organization was a crown corporation established by a $23 million investment from the provincial government. The intention of the company was to build industrial parks and lease space to companies, though through an aggressive pursuit of outside investment, the 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 benefitted from the program, producing 10,000 new jobs and $40 million in provincial revenue. This period was when the IEL was most effective, with its usefulness declining significantly in the 1970s.