Report: North Carolina's 'bathroom bill' will cost the state $3.8 billion in lost business

Despite promises by Republicans that North Carolina's "bathroom bill" won't hurt the state's economy, a new analysis from the Associated Presshas found the legislation could result in lost business to the tune of $3.76 billion.

The AP report found that HB2 — which prevents transgender people from using the bathroom corresponding to the gender they identify with and chips away at protections for the LGBT community — has racked up hundreds of millions of dollars in lost business and abandoned deals since it was passed in the state one year ago.

As businesses and artists boycott the state in protest of the discriminatory law, so, too, do their wallets. The AP specifically mentions collapsed plans with PayPal to build a new North Carolina facility (an estimated $2.66 billion loss by the year 2028) and a cancelled concert by Ringo Starr ($33,000 in revenue missed for a town theater in which he was set to perform) as just two examples of money the state has lost out on since the bill became law.

The report also notes that North Carolina residents were deprived an estimated 2,900 jobs, which went elsewhere as a direct result of the bill.

And, predictably, it gets worse: The state stands to lose even more money in future withdrawn deals. The NCAA, which frequently uses North Carolina as the location of its championship games, has sworn off the state through 2022 "as long as the law is on the books," the AP notes.

North Carolina has also lost big on tourism dollars, after major cities including Boston, Chicago and the District of Columbia banned government-sponsored travel to the state in the wake of the bill's signing.

Shelly Green, CEO of the Durham Convention and Visitors Bureau, told the AP that the most immediately quantifiable impact is "how many times our phones are not ringing right now."

"When you think about it, this whole thing is just such a dumpster fire, and nobody wants to go near it," she said.

RELATED: Protests for and against transgender bathrooms

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Protests for and against gender-neutral bathrooms
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Protests for and against gender-neutral bathrooms

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)

A man holds up a sign supporting North Carolina's anti-transgender bathroom law following Republican presidential nominee Donald Trump' campaign rally in Charlotte, North Carolina, U.S., August 18, 2016.

(REUTERS/Carlo Allegri)

Opponents of North Carolina's HB2 law limiting bathroom access for transgender people protest in the gallery above the state's House of Representatives chamber as the legislature considers repealing the controversial law in Raleigh, North Carolina, U.S. on December 21, 2016.

(REUTERS/Jonathan Drake)

Civil rights leader Reverend William Barber, president of the NAACP in North Carolina, speaks to the media inside the state's Legislative Building as lawmakers gather to consider repealing the controversial HB2 law limiting bathroom access for transgender people in Raleigh, North Carolina, U.S. on December 21, 2016.

(REUTERS/Jonathan Drake)

A gender-neutral bathroom is seen at the University of California, Irvine in Irvine, California September 30, 2014. The University of California will designate gender-neutral restrooms at its 10 campuses to accommodate transgender students, in a move that may be the first of its kind for a system of colleges in the United States.

(REUTERS/Lucy Nicholson)

Transgender people and their supporters have been fighting for repeal of House Bill 2, a North Carolina law that requires people in government buildings to use the bathroom of the gender on their birth certificate.

(John D. Simmons/Charlotte Observer/TNS via Getty Images)

Protestors gather across the street from the North Carolina state legislative building as they voice their concerns over House Bill 2, in Raleigh, N.C., Monday, May 16, 2016. House Bill 2, also known as the Bathroom Bill, which requires transgender people to use the public restroom matching the sex on their birth certificate, has received the attention of national media and the White House.

(Photo By Al Drago/CQ Roll Call)

Protestors gather across the street from the North Carolina state legislative building as they voice their concerns over House Bill 2, in Raleigh, N.C., Monday, May 16, 2016. House Bill 2, also known as the Bathroom Bill, which requires transgender people to use the public restroom matching the sex on their birth certificate, has received the attention of national media and the White House.

(Photo By Al Drago/CQ Roll Call)

Supporter of HB2 Lee Churchill from Raleigh, N.C. holds a sign stating her position outside the North Carolina House and Senate chambers gallery on Wednesday, Dec. 21, 2016 as the North Carolina General Assembly convenes for a special session at the Legislative Building in Raleigh, N.C.

(Chris Seward/Raleigh News & Observer/TNS via Getty Images)

Transgender activists and supporters protest potential changes by the Trump administration in federal guidelines issued to public schools in defense of transgender student rights, near the White House in Washington, U.S. February 22, 2017.

(REUTERS/Jonathan Ernst)

Transgender activists and supporters protest potential changes by the Trump administration in federal guidelines issued to public schools in defense of transgender student rights, near the White House in Washington, U.S. February 22, 2017.

(REUTERS/Jonathan Ernst)

Transgender activists and supporters protest potential changes by the Trump administration in federal guidelines issued to public schools in defense of transgender student rights, near the White House in Washington, U.S. February 22, 2017.

(REUTERS/Jonathan Ernst)

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