A Costly Battle: North Carolina Losing Millions Over HB2

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Businesses all across North Carolina have lost millions of dollars, even though many of the owners don't believe in the values that HB2 was founded on. As the NBA threatens to move the 2017 All-Star game and large companies begin to move elsewhere, more people are beginning to worry that this bill will damage the economy in the long run.

From CNBC:

Business groups — including the NBA, which has a franchise in Charlotte and is planning to stage the 2017 All-Star Game there — are weighing their options. At least one legislator fears dire consequences.

"This is not just about the NBA All-Star game," said Democratic State Rep. Chris Sgro, who also serves as executive director of Equality NC, which has been pushing for repeal of the law. "This is about long-term economic sustainability for the state of North Carolina, and that is deeply at risk with the way our reputation has been damaged by this law."

The Human Rights Campaign claims the law is already costing the state, citing figures from the Charlotte Chamber of Commerce that the Charlotte area alone has lost $285 million and 1,300 jobs. 

In North Carolina, opponents of H.B. 2 say some 200 businesses have signed on to a letter first made public in March urging Gov. McCrory and the legislature to repeal the law.

"Put simply, H.B. 2 is not a bill that reflects the values of our companies, of our country, or even the majority of North Carolinians," says the letter, which is signed by chief executives of companies, including Williams-Sonoma, Goldman Sachs and Xerox.

Comments

  1. William Tautphaeus's avatar
    William Tautphaeus
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    Our state legislature is too dumb to care about revenues lost because the losses will be in urban areas as opposed to their rural stomping grounds. Unless the feel the pinch, they will stand firm on leaving things the way they are. Not impounding federal funding for public schools was a big mistake. They'd feel that. The age of the old, white, rich, protestant, corpulent male, privileged majority is over. That's why they're so scared.
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