House Bill 2 (HB2), a law passed in March 2016, has been deemed "discriminatory" against transgender people, and now it's costing the state billions. The new report released by Associated Press (AP) reveals losses will total $525 million by the end of 2017 and $3.76 billion by 2028.
Just a few months after passing the bill, North Carolina lost more than $400 million in future revenue.
According to the analysis, supporters of HB2 are willing to take the blow to their growing economy, which is "estimated at more than $500 billion a year, roughly the size of Sweden's." The report claims supporters of HB2 say the loss of revenue is worth it if it means protecting residents.
PayPal, Deutsche Bank, NBA and the NCAA are a few companies that have chosen to punish North Carolina for protecting the vulnerable. The report further claims, "Still, AP's tally is likely an underestimation of the law's true costs. The count includes only data obtained from businesses and state or local officials regarding projects that canceled or relocated because of HB2."
The NCAA has already canceled several championship games and as of Tuesday is threatening to pull all championship games until 2022 unless transgender bathroom laws are changed.
Scott Dupree, Executive Director of Greater Raleigh Sport Alliance, made the announcement on his Twitter page Tuesday that the NCAA is giving the state 48 hours to change the bill:
I have confirmed with a contact very close to the NCAA that its deadline for HB2 is 48 hours from now. If HB2 has not been resolved by that time, the NCAA will have no choice but to move forward without the North Carolina bids. The NCAA has already delayed the bid review process once and has waited as long as it possibly can, and now it must finalize all championship site selections through spring of 2022.
The Greater Raleigh Convention and Visitors Bureau (Visit Raleigh) and the Greater Raleigh Sports Alliance (GRSA) issued the following statement:
We are encouraged by the bipartisan efforts underway in the state legislature to find a solution. That being said, we will not endorse any one bill; we simply seek a swift compromise that will allow us to begin to repair the reputation of our region and state and get back to selling and marketing Raleigh as the thriving Southern capital city that it is, one shaped by the passionate minds of its inclusive and welcoming residents. We don't know how the NCAA or other organizations will view specific proposed legislation to repeal and/or replace HB2. Therefore, we will not attempt to speak on their behalf or on behalf of any other clients/groups that have expressed concern over holding events in Raleigh and Wake County.
Lt. Gov. Dan Forest, one of the strongest supporters, said, "Our economy is doing well. Don't be fooled by the media. This issue is not about the economy. This issue is about privacy, safety and security in the most vulnerable places we go."