North Carolina's controversial "bathroom bill," which places restrictions on LGBTQ rights, including which bathrooms transgender people can use, is expected to cost the state nearly $4 billion on lost business over 12 years.
According to an analysis by The Associated Press, North Carolina will lose $3.76 billion. Much of that sum appears to have come from the decision by online payment company PayPal to cancel plans to build a large facility in the state that would have added 400 jobs and $2.66 billion to the state's economy, according to CNN.
The AP analysis points out that North Carolina could lose hundreds of millions more because the NCAA has said it will avoid holding future championship tournaments in the state, which is a historical location for March Madness and other college basketball events.
Brian Moynihan, the CEO of Bank of America, the largest company in North Carolina, said he has spoken to other business leaders and that they have expressed hesitation about conducting business in the state because of the anti-LGBTQ laws.
"Companies are moving to other places because they don't face an issue that they face here," he told a World Affairs Council of Charlotte luncheon in February, according to AP. "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."
Other companies that told AP they have canceled or reduced plans to add jobs and do business in North Carolina include Deutsche Bank, which halted plans to add 250 jobs in 2017 with an estimated economic benefit impact of $543 million by 2027; CoStar, which looked over North Carolina for Virginia when deciding where to build a new facility that would have provided more than 700 jobs with an average annual salary of $57,000 with an estimated economic benefit impact of $250 million by 2023; Voxpro, which would have created more than 200 jobs and added $52 million to the local economy; and Adidas, which had plans to build a $67 million factory in the state, but will instead build it in Georgia.
North Carolina has also lost money in the many concert cancelations that came in response to the state's bathroom bill, which has so far cost the state close to $200 million in lost revenue, including ticket sales and concessions.