With an overwhelming vote in support of Alberta remaining in Canada, business experts are feeling relieved, stating that the outcome of the provincial referendum will offer more predictability for investors and bolster the economy of the entire nation.
Deborah Yedlin, the president and CEO of the Calgary Chamber of Commerce, expressed relief, emphasizing that the decision to remain in Canada establishes certainty, attracting investment that will benefit not just Alberta but the entire country.
Albertans participated in voting on 10 questions, including one on whether the province should stay in Canada or proceed with a binding referendum on separation. While the ballots are still being counted, with 1.8 million votes counted 12 hours after polling stations closed, the side in favor of remaining was leading at 75.5%, and CBC News is predicting that Albertans have chosen to stay in Canada.
Some individuals cited economic hardships in the province as a reason for supporting separation. The economic downturn following the 2014 oil price crash significantly impacted Alberta, with separatist supporters believing that independence could lead to more benefits from the oil industry without having to make equalization payments to the rest of Canada.
Prior to the referendum, many business leaders expressed their support for remaining part of Canada. Organizations such as the Canadian Chamber of Commerce and Alberta Chamber of Commerce cautioned that a “yes” vote for a future binding referendum could introduce another phase of uncertainty for business owners, potentially deterring investors until the province’s fate was clear.
A survey conducted among Calgary Chamber of Commerce members revealed that nearly half of respondents were willing to relocate their businesses outside Alberta if the separation process began. Additionally, 60% of the respondents indicated that separatism had already negatively impacted their businesses.
The timing of the vote amid global uncertainty and strained trade relations between the U.S. and Canada added to the concerns of business leaders, according to Yedlin. At Capital Power, CEO Avik Dey acknowledged that while the referendum did not delay their business decisions, it did cause anxiety for external investors.
Charles St-Arnaud, chief economist at Alberta-based Servus Credit Union, anticipates a return to normalcy for investors following the referendum, but notes that separatists remain committed to an independent Alberta. The persistence of separatist sentiments could continue to pose challenges for businesses, affecting investment decisions and policy-making.
Candace Laing, president and CEO of the Canadian Chamber of Commerce, emphasized the importance of addressing separatist concerns to strengthen the Canadian economy. With the majority of Albertans choosing to stay in Canada, Laing expressed optimism that the outcome would be viewed positively by business leaders and investors, fostering confidence and unity moving forward.