Rural Texas Poised to Lose Between $26.1 Million and $52.5 Million Annually
AUSTIN, TEXAS—Texas risks losses of up to $5.6 billion statewide through 2026 if the Texas Legislature approves discriminatory legislation like Senate Bill 6, the so-called “bathroom bill,” according to a newly released economic impact study by the Texas Association of Business (TAB).
The study, conducted by AngelouEconomics, also found the negative impact of discriminatory legislation to be far-reaching, not limited to Texas’ metro areas. By disrupting conference and events bookings in major metro areas, rural Texas communities are poised to lose between $26.1 million and $52.5 million annually.
“The Texas Association of Business supports and advances sound policies that strengthen the economic climate of our state. When businesses succeed, Texas communities and families succeed. With estimated economic losses of up to $5.6 billion, Texas businesses, our communities and families are at risk, and that’s why we remain steadfastly opposed to SB 6 and HB 2899,” said Chris Wallace, President of TAB.
Since SB 6 was introduced, many organizations and businesses have publicly confirmed that they will withdraw their operations or investments from Texas in response to the bill. Additional organizations have threatened reduced business in Texas. The economic damage caused by discriminatory legislation in North Carolina has been well-documented.
On behalf of TAB, AngelouEconomics surveyed economic development corporations, meeting planners and site selectors and measured what Texas – and its many urban and rural communities – stands to lose from discriminatory legislation. The total economic impact is derived from analyzing confirmed departures ($1.04 billion), threatened departures ($4.1 billion) and other potential losses ($450 million).
“Bills like SB 6 and HB 2899 are as controversial as they are high profile, but we need to set aside politics and stick to the facts,” said Angelos Angelou, Principal Executive Officer of AngelouEconomics. “Discriminatory legislation will level an economic toll on Texas that is far reaching. It will undermine future economic development efforts, and it will create labor market disruptions across the state. The gameplay in economic development is to create a competitive advantage, and this bill hurts Texas’ competitive advantage. It is bad for Texas.”
The full economic impact study is available at www.txbiz.org and www.keeptxopen.org.
As the state chamber of commerce, the Texas Association of Business is the most influential and dominant voice for public policy issues affecting business in Texas. Through proven results-oriented advocacy and member services, TAB develops a climate in Texas which enables thousands of our business members and their employees to operate efficiently and profitably, thus creating new jobs. TAB is proud to be the official state partner of the National Association of Manufacturers.