The North Carolina law that prevents men dressed as women from sharing bathrooms with actual women is going to cost the state big money.
The “bathroom bill” is set to cost the state $3.76 billion over the course of the next 12 years, according to a report from the Associated Press.
The financial losses are predicted to come from the concerts and events, as well as businesses, pulling out of the state in protest of the law.
“Companies are moving to other places because they don’t face an issue that they face here,” Bank of America CEO Brian Moynihan said at a World Affairs Council of Charlotte luncheon in February, the AP reported.
“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?” he said. “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.”
Thus far cancelled events and conventions have cost the state around $196 million, according to information obtained by the AP in email exchanges and interviews with tourism officials.
Since the law was made Bruce Springsteen cancelled a concert, the NBA moved it’s All-Star game, Canadian rock star Bryan Adams also cancelled his concert, and the NCAA moved it’s March Madness tournament, only to be confronted by protesters hosting the Confederate Flag.
The $3.6 billion number comes from events and business ventures that have already shunned the state.
By the end of 2017 the financial hit will be around $525 million, according to the AP.
But while the AP made the bold prediction, it also admitted that the state has the 10th fastest growing economy in the nation since the law’s inception.
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