The rise of Nova Scotia as a viable jurisdiction in North America, historically, was driven by the ready availability of natural resources, especially the fish stocks off the Scotian Shelf. The fishery was a pillar of the economy since its development as part of New France in the 17th century; however, the fishery suffered a sharp decline due to overfishing in the late 20th century. The collapse of the cod stocks and the closure of this sector resulted in a loss of approximately 20,000 jobs in 1992.[18]