Latest Tab On HB2: $3.76B Lost
HB2 is now estimated to cost North Carolina $3.76B in lost business over the next dozen years, as calculated by the Associated Press. The organization put together a number of elements to come up with that figure, as reported in the Washington Post.
One was the loss of an expected PayPal expansion in Charlotte, using a fiscal cost-benefit analysis model used when the state offers major discretionary tax breaks to attract jobs. For example, according to that model, the PayPal operations center would have contributed more than $200M/year to the state's gross domestic product. Using the same model, a canceled Deutsche Bank expansion in Cary cost the state's economy $543M.
Other lost expansions or corporate investments include Voxpro and Adidas. The AP also calculated the economic loss from canceled sporting events, conventions, concerts and other events ($196M).
