According to KPMG, 42% of Canadian manufacturers have moved production to the U.S. or are considering it, and 57% have delayed or cancelled investment because of concerns over Canada's competitiveness. 

Those concerns didn't begin with Alberta's referendum debate. Businesses have spent years warning about rising regulatory costs, carbon pricing, permitting delays, productivity declines and an increasingly attractive U.S. business environment.

Meanwhile, Alberta continues to attract Canadians and capital. The province has led the country in interprovincial migration, while major investments continue to flow into energy, petrochemicals, data centres, artificial intelligence and manufacturing.

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If anything, Alberta's separatist movement is a symptom, not the cause. It has gained support after years of stalled resource projects, federal policies affecting the energy sector, equalization disputes and declining national competitiveness. The KPMG survey reinforces what many Alberta businesses have argued for years: investment leaves when governments make it too costly or uncertain to invest.

Blaming Alberta separatists for Canada's investment challenges is like blaming the thermometer for the fever.

The investment slowdown predates the current referendum campaign, and the KPMG poll points squarely at broader concerns about Canada's competitiveness — not Alberta's constitutional debate.