North Carolina stands to lose $3.76 billion over bathroom bill, according to AP analysis

A sign protesting a recent North Carolina law restricting transgender bathroom access is seen in the bathroom stalls at the 21C Museum Hotel in Durham, North Carolina May 3, 2016. | REUTERS/Jonathan Drake/File Photo

A new study has suggested that the North Carolina's controversial bathroom bill could cost the state $3.76 billion in lost business over 12 years.

The analysis by The Associated Press (AP) was based on data obtained from businesses and state officials regarding projects that were canceled or relocated because of the law known as HB2.

Following the passage of the bill, companies such as PayPal, Adidas and CoStar withdrew plans to expand their businesses in the state. Several sporting events, conventions and concerts have also been canceled because of the controversial law.

The report from AP stated that North Carolina could lose hundreds of millions more because the NCAA is avoiding the state, which has been a favored host until the law went into effect. The sporting organization will be announcing the sites for various championships through 2022, but it would not include North Carolina as long as the law stands.

Bank of America CEO Brian Moynihan said that business leaders have backed out of projects and events in the state because of the controversy, and he shared his concern that similar decisions are being quietly made by other businesses.

In response to the AP report, Democratic Gov. Roy Cooper said: "We now know that, based on conservative estimates, North Carolina's economy stands to lose nearly $4 billion because of House Bill 2. That means fewer jobs and less money in the pockets of middle class families. We need to fix this now."

Other reports, however, indicated that the nation's ninth most populous state has a healthy economy. According to the federal government, based on quarterly gross domestic product, North Carolina had the 10th fastest-growing economy six months after the law's passage.

Supporters of HB2 have said that they are willing to absorb the costs to the state's economy if the law protects women and girls from sexual predators posing as transgender individuals.

Texas is also considering a legislation intended at governing public facilities in the state.

Earlier this month, North Carolina Lt. Gov. Dan Forest told Texas lawmakers ahead of the Texas Privacy Act's first public hearing that the losses resulting from the boycotts have not made much of an impact on the state's $500 billion annual GDP. He also noted that North Carolina has been ranked by Forbes as the second best state in the country to do business in 2016.

"The effect is minimal to the state. Our economy is doing well. Don't be fooled by the media," Forest told Texas legislators.