Only UNC winning the National title is bigger news than the repeal of HB2 in North Carolina right now. The Tar Heels won 71-65 over Gonzaga bringing home their seventh title last night. Fans across the state and across the country were celebrating this improbable win and counting it as redemption after coming up short last year.
Hopefully North Carolina will have the same kind of redemption after the repeal of HB2. Governor Roy Cooper signed legislation last week repealing the controversial law. The repeal will hopefully be the first step in repairing the damaged reputation we have gotten in the media. Many companies and sporting events have pulled out of the state over the bill, so hopefully the repeal will bring that business back.
Experts estimated that monetary losses due to HB2 were between $380 million and $750 million, but the total number is not yet known. It is easy to quantify the businesses that vocally decided not to relocate here and the ones that decided not to expand their business holdings here. What is harder to quantify is the number of businesses that decided quietly against North Carolina. There is a perception that the state is intolerant and that could stick around for a lot longer than the bill.
North Carolina’s economy is fueled by new jobs and many of those come from out-of-state relocations. Hopefully the repeal will show people that we are a great place where people are working together, across the aisle, to repair our damaged reputation and extend equal protections to all people.
Another benefit to the repeal is that North Carolina is once again eligible to host the NCAA Championships. These championships bring prestige and tourist dollars to the state each year. Cities like Durham and Cary are aggressively campaigning to be tournament locations for next years contest.
In addition, being an all inclusive state, one not tolerant of discrimination, is a great draw for millennials. Millennials have lots of buying power and earning potential so making our state attractive to them can only help us in the long run.
If the repeal of HB2 has gotten you excited about the real estate market in the Charlotte area, give us a call at (704) 525-4045. We would love to talk to you about it and help you find the home of your dreams. You can also view homes and create custom searches on our website here.