North Carolina bathroom bill will cost state $3.76 billion

North Carolina’s bathroom bill, which requires people to use the bathroom that corresponds to the sex on their birth certificates, will cost the state $3.76 billion over the next twelve years, according to The Associated Press.

The Hill reports the bill has already resulted in lost business. Artists have canceled concerts scheduled in the state, and the NCAA decided against hosting its annual basketball tournament in the state.

“Companies are moving to other places because they don’t face an issue that they face here,” Bank of America CEO Brian Moynihan said during a World Affairs Council of Charlotte luncheon last month.

“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.”

Canceled conventions, concerts and sports events will cost the state more than $196 million, according to AP.  It is estimated North Carolina will lose more than $525 million by the end of 2017 and $3.76 billion by the end of 2028.

Despite the new law, The Hill reports North Carolina still had the nation’s 10th fastest growing economy.

H/T: The Hill

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