The Texas Association of Business has released an estimate of the potential economic impact of the state adopting an anti-LGBT+ law like the ones passed or considered in Arizona, Indiana, Louisiana, and North Carolina – finding that such a law would cost Texas roughly 0.5% of its GDP, or up to $8.5 billion. The analysis includes millions of dollars the state might lose related to potential event cancellations like the Super Bowl and NCAA championships, as well as reduced investment from major companies like Google, Apple, and IBM.
In September, TAB partnered with Texas Competes, a small business association, to unite over 5,000 Texan businesses against Lt. Governor Dan Patrick’s bid to pass an anti-transgender rights “bathroom bill” in the upcoming session.
Nevertheless, many businesses remain reluctant to publically speak out against Lt. Gov. Patrick’s plan, as he’s allegedly said “You’re either with us or against us.” Lt. Gov. Patrick has remained steadfast in his bid to pass anti-LGBT+ legislation and has gained the support of the Senate State Affairs Committee, who recently recommended the Legislature take up “targeted” religious freedom bills next year, aiming to speed their passage.
TAB’s full report will be released in early December.