North Carolina's controversial bathroom bill could cost the state nearly $4 billion
The Associated Press tallied up the potential costs of North Carolina's bathroom bill, and the total isn't pretty. Because of the legislation passed last year rolling back LGBTQ protections and requiring transgender individuals to use the restroom that corresponds to their biological sex, The Associated Press estimated North Carolina will "suffer more than $3.76 billion in lost business" by the end of 2028.
One of the biggest blows is the canceled construction of the PayPal facility, which The Associated Press reported would have "added an estimated $2.6 billion to the state's economy." Other costs include called-off concerts, the NCAA's refusal to host tournaments in North Carolina, and the NAACP's national economic boycott — to name just a few.
Shortly after the bill was signed into law last year, then-Gov. Pat McCrory (R) assured North Carolinians the law would not impact the state's status as "one of the top states to do business in the country." Lt. Gov Dan Forest has maintained the bill's effect is "minimal to the state" and warned people not to be "fooled by the media" into thinking the issue is "about the economy."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
But The Associated Press found North Carolina's economy "could be growing faster if not for the projects that have already [been] canceled," noting its cost estimate is "likely an underestimation." In total, North Carolina has lost out on "more than 2,900 direct jobs that went elsewhere," AP reported.
Because the estimate is based on projects and events the state has already lost out on, North Carolina won't be getting that money back even if the law gets repealed. Read the full story over at The Associated Press.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Create an account with the same email registered to your subscription to unlock access.
-
The Week contest: Stick guitar
Puzzles and Quizzes
By The Week US Published
-
'Sports executives ushered a fox into the henhouse'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published