Today, in Sydney, Nova Scotia Business Inc. (NSBI) released progress results for the five-year period up to March 31, 2012. The results highlight the job creation, exporting and investment success of businesses across the province.
"Businesses are doing great things across the province and these results are a testament to the work they are doing," said Deputy Premier Frank Corbett. "Our province is starting to turn the corner and businesses are innovating more, exporting more and creating good jobs."
Gardner Pinfold analyzed the economic impact of Nova Scotia Business Inc. over the last five years, and showed a $1.2 billion boost in client payroll, which was $2.1 billion when spinoffs were included. Provincial support through NSBI also created at least 6,700 full-time equivalent jobs.
"As I witness more industry-leading companies moving to Nova Scotia, I realize that I don't need to leave home to establish a great career," said Nathan Dennison, a masters candidate at the Saint Mary's University Sobey School of Business.
The benefits were felt in all regions of the province, with about half of the employment created outside of Halifax Regional Municipality.
"Through the province's support, we have been able to keep a strong presence in Cape Breton and compete in niche markets in Canada and the United States," said Denis Lanoe, vice-president of operations and general manager, COPOL International Ltd.
Stephen Lund, president and CEO of Nova Scotia Business Inc. said creating new sectors such as hedge fund administration, growth in digital gaming and information technology is having a positive impact in Nova Scotia.
"The global business environment is constantly changing and Nova Scotia is growing a more diverse economy, one that is truly global and more competitive. Along with our partners, we have worked with 575 domestic companies, taking them into export markets in close to 80 countries," said Mr. Lund. "Congratulations to all our clients and their success these last five years."
Economic impacts also include $139.2 million in provincial tax revenues.
For every dollar invested by the province through NSBI, the province and taxpayers had a return of $1.43 or 43 per cent.
To read the report www.nsbi.ca/results5
NSBI is the province's private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI assists local companies and attracts international companies to Nova Scotia.