HB2, or House Bill 2, is the newest North Carolina bill that has been blowing up news stations and dominating headlines for the past two months. The bill, as stated by the General Assembly of North Carolina, is "an act to provide for single-sex multiple occupancy bathrooms and changing facilities in schools and public agencies and to create statewide consistency in the regulation of employment and public accommodations." This bill has been debated, discussed, and dissected by countless politicians, celebrities, and news anchors alike. Regardless of ethical implications of the bill, the economic repercussions felt across North Carolina are simply too massive to be ignored.
One especially public and salient expression of disapproval came from Bruce Springsteen, who cancelled his concert set in Greensboro last month due to the passing of the bill. Springsteen apologized to fans for cancelling the concert and even refunded tickets but said that fighting "prejudice and bigotry" was more important than putting on a show. This was one of the first major economic impacts North Carolina saw as a direct result of HB2.
Similarly, at the end of March PayPal announced they would be expanding and opening a new global operations center in Charlotte, North Caroline, bringing over 400 jobs to the city. In less than two weeks after the initial announcement, PayPal cancelled the expansion due to the companies beliefs in light of the recent HB2 bill in North Carolina.
Another huge economic blow comes from the Community Transportation Center of America. The D.C. association had an event scheduled in Raleigh in 2018, but due to HB2, the center has moved the convention to Baltimore. This cancellation will cost the Triangle area an estimated $1.7 million. Another Raleigh event being moved to Baltimore is Record Store Day, in conjunction with a music festival, this event will end up costing North Carolina almost $200,000.
Other cancelled entertainers include Demi Lavato, Nick Jonas, Pearl Jam, the Blue Man Group, Boston, Cirque du Soleil, and Ringo Starr.
The amount of revenue North Carolina has lost due to HB2 is astonishing, and it is only predicted to continue at exponential rates. This loss in revenue and general support for the state is not sustainable and will likely prove to be devastating to North Carolina. Regardless of the moral and ethical sides of HB2, the economic turbulence it has created is incredible and alarming. With North Carolina's economic future in the hands of so many famous and powerful names and brands, it is quite bold of the state to pursue such a salient and controversial issue. While the social repercussions of HB2 are likely felt every day by the citizens of North Carolina, the economic repercussions will soon be felt all over the east coast as surrounding states receive the economic opportunities refusing to enter Carolina.
