Previously, JobsNHire reported that PayPal has dropped their plans of opening up a global operations center in Charlotte, North Carolina because of the House Bill 2 block. The Washington Post has it that it won't only cost jobs. The report says it will get worse.
WP has indicated that the PayPal pull out is the first but not the last business to back out. Dealing with North Carolina has made it harder for companies to create a business platform in the area. The prospect of providing well-paying jobs has already declined. North Carolina, as The Charlotte Observer also noted, should prepare for major economic damage.
Employment and income will be hit. The pull-out of PayPal has cost the state its potential cash flow. Attorney General Roy Cooper had this to say, "The threat that House Bill 2 poses to jobs and our economy is no longer a possibility, it's a reality."
Stepping back, PayPal should be an advantage in North Carolina. The business community is largely on PayPal's side on this, and it could be just the first of several major companies decide it's not worth it to be involved with North Carolina anymore. While The Charlotte Observer talked about how the House Bill 2 blocks potential businesses from coming in, The Washington Post reports that it will be the economic downfall of the state where businesses will be frank about their stand.
In North Carolina, other Fortune 500 companies, like Dow Chemical and American Airlines, have made their distaste for the law pretty clear. Some organizations, like the NCAA, have also directly threatened to follow PayPal's lead and take their business elsewhere.
If the government does not come into an orderly agreement that allows businesses to thrive in the state soon, businesses may start to pack up and empty the region which will not only cost employment but the state's over-all living.