ACC Media Release: 29/06/2026

Quebec Experience Offers Lessons for Alberta’s Economic Stability and Investment Climate

Edmonton, AB – The Alberta Chambers of Commerce (ACC) has released a new report Strategic Lessons from the 1995 Quebec Referendum for Alberta’s Business Community highlighting how ongoing separation talk is influencing investment confidence, planning, workforce decisions, and perceptions of market stability. 

Report findings are based on analysis of Quebec’s sovereignty movement and the economic impacts observed leading up to and following the 1995 referendum, and ACC’s Alberta Perspectives research, including a survey conducted May 22 to June 17, 2026 with 681 business respondents and an online public panel of 800 Albertans surveyed June 6 to 14, 2026.  

The report draws lessons from Quebec’s experience, where sustained constitutional uncertainty contributed to slower investment, head office moves, talent migration, and an estimated 5 to 10 percent reduction in real GDP compared with what might otherwise have occurred. 

ACC’s latest Business and Public Attitudes to Key Policy Issues research shows more than half of surveyed businesses say separation discourse is impacting) Alberta’s economy, citing lower investment, harder planning and forecasting, and greater recession risk. Seventy-one per cent (71%) identify businesses considering leaving or expanding outside Alberta and sixty-two per cent (62%) observe a heightened risk of recession. In ACC research conducted in January, employers also reported a more cautious outlook on workforce growth, with uncertainty being cited as the leading reason for not expanding their workforce in the next six to twelve months. 

“Alberta businesses continue to believe strongly in this province’s long-term potential, but confidence depends on certainty,” said Shauna Feth, president and chief executive officer of the Alberta Chambers of Commerce. “When investors and employers are unsure about market access, rules, or Alberta’s future relationship with Canada, decisions can be delayed, moved elsewhere, or scaled back.” 

ACC notes Alberta’s situation differs from Quebec’s: public support for separation is lower, and the province has focused on greater autonomy within Canada. Still, even low-probability political risk can affect major projects that depend on long timelines, stable rules, intergovernmental cooperation, and export access. 

That matters as Alberta competes for investment in artificial intelligence and data centres, aviation and aerospace, hydrogen and low-emissions energy, transportation and logistics, value-added agriculture, tourism, and energy infrastructure. 

The report also identifies near-term deadlines for Alberta’s investment climate, including the October 19, 2026 referendum and the Canada-Alberta energy agreement timelines: July 1, 2026 for Alberta to submit a pipeline proposal to the federal Major Projects Office and October 1, 2026 for Canada to consider whether the project is in the national interest, subject to required consultation. 

“The fastest way to strengthen Alberta’s competitiveness is to turn commitments into real results,” said Feth. “Businesses are asking for practical certainty: clear timelines, predictable rules, reliable market access, and a shared focus on investment, jobs, and productivity.” 

ACC is encouraging policymakers to communicate clearly before and after the referendum, stay aligned with national systems that support trade and market access, and focus on agreements that improve competitiveness. For businesses, the message is simple: uncertainty carries a cost, and Alberta’s advantage depends on demonstrating stability while advancing growth-focused reforms. 

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About the Alberta Chambers of Commerce 

The Alberta Chambers of Commerce (ACC) represents the 106 community chambers in Alberta which have a collective membership of more than 22,000 businesses across the province. Through policy leadership and collaborative advocacy, ACC advances solutions that support economic growth and strengthen Alberta’s communities.