North Carolina Has Lost Over $560 Million Thanks to HB2
North Carolina’s anti-LGBTQ House Bill 2, which bans trans people from using the bathroom that matches their gender identity, has cost the state over $560 million so far. Previous calculations put the loss at $395 million last September, and the state continues to hemorrhage money. It turns out bigotry has a price.
The financial losses come mainly from business leaders withdrawing from the state. Paypal, Deutsche Bank and CoStar nixed plans to set up branches in North Carolina. The NBA pulled out as well, along with a number of business conventions. Entertainers have boycotted, too: Bruce Springsteen, Boston, Pearl Jam, Ringo Star, Cirque du Solei and other performers have chosen not to tour in a state that treats its queer citizens like criminals. And then there are the legal fees.
Truthout explains where the losses are coming from:
- Companies flee: $297.4 million
- Sporting events move elsewhere: $245.6 million.
- Conventions cancel: $18.4 million.
- Creating and defending HB2 costs taxpayers: $267,500.
- Major performances defect: $208,000.
North Carolina’s new governor Roy Cooper is currently trying to repeal the bill.