We've Lost Almost $1 Billion Because of HB2...
We all know North Carolina has been losing millions of dollars because of HB2, but just how much money have we lost? Forbes estimates almost $1 billion when combining the losses in tourism, entertainment, sports, technology, banking and research. Although the economic impact is undeniable, especially when looking at the $1 billion lost, the McCrory administration and Chamber of Commerce still deny the negative effects. The only way to change this is to vote against McCrory on Tuesday and vote for the repeal of HB2.
While the exact damage is tough to quantify, FORBES estimates that North Carolina has lost some $751 million in revenue. That’s based on local news reports, policy research and interviews. (This figure doesn’t include legal expenditures associated with defending the law or the billions at risk in federal funding.)
As McCrory’s opponent Cooper says, “this is only the tip of the iceberg.” He adds, “Economic recruiters tell us that many companies are taking NC off their list because of HB2, so we really don’t know the extent of the damage.”
Nearly 70 companies signed a ‘friend of the court’ document against the discriminatory law, 11 of which are on FORBES’ Most Valuable Brands list. Investment managers have also taken up against the law.
Meanwhile, the state’s Republican Party and Chamber of Commerce don’t think the law has adverse effects and both point to the current state of business in the state. North Carolina’s GDP is about $510 billion, so a $750 million loss can be painted as negligible on a macro level.
“Even as recent as September, North Carolina shows to consistently be outperforming the U.S. in wages and economic growth,” Kami Mueller, a spokeswoman for the North Carolina GOP, said in an e-mail. Governor McCrory’s office forwarded requests for comment to North Carolina’s Commerce department.