North Carolina’s “bathroom bill” law that requires individuals to use the gendered restroom that matches the sex listed on their birth certificate is turning out to cost the state’s economy a pretty penny.
Pulling together data from public records and interviews, the Associated Press has recently deduced that the law, which effectively legalizes LGTBQ discrimination on a state level, will cause the state to lost more than $3.76 billion in business over the next dozen years.
Much of the economic pain is centered on the state’s biggest cities, which are losing valuable conference revenue and technology investment, as well as major sports leagues redirecting their business elsewhere.
“Companies are moving to other places because they don’t face an issue that they face here,” Bank of America CEO Brian Moynihan told a World Affairs Council of Charlotte luncheon last month, according to the AP. He continued:
“What’s going on that you don’t know about? What convention decided to take you off the list? What location for a distribution facility took you off the list? What corporate headquarters consideration for a foreign company – there’s a lot of them out there – just took you off the list because they just didn’t want to be bothered with the controversy? That’s what eats you up.”
Businesses such as PayPal, CoStar, Adidas, and Voxpro have all pulled planned jobs out of the state, choosing to invest elsewhere in the United States. The AP figures the job loss from just these four countries to number around 2,900, and the larger economic ramifications — especially because of PayPal — to number in the hundreds of millions of dollars.
“We couldn’t set up operations in a state that was discriminating against LGBT [people],” Voxpro Founder and CEO Dan Kiely told the AP.
Sports leagues, such as the NFL and the NCAA, are also avoiding the state until the law is taken off the books. Until then, don’t expect any championship games to be played in North Carolina.
Next, read up on the recent decision that allows transgender boys to join the Boy Scouts of America, before finding out why Trump reversed his stance on transgender rights and rescinded Obama’s school bathroom rules.