Analyst have estimated that North Carolina’s controversial Bathroom Bill have cost the American state more than $3.76 billion in lost business.

While Republicans have made assurances that the Bathroom bill is not hurting the economy the Associated Press’ analysis has found that the potential loss over several years could amount to $3.76 billion.

In the past year alone North Carolina has suffered several major financial losses ranging from canceled concerts to scuppered expansions by companies such as PayPal. The PayPal facility would have added an estimated $2.66 billion to the state’s economy. What’s more North Carolina could lose several hundred millions more as the NCAA has opted to boycott the state.

The analysis, conducted by AP, is considered to be an underestimation of the law’s true cost. For example, the withdrawal of the Lionsgate television production was not included due to a lack of available data.

While Lt. Gov. Dan Forest has told Texas legislators that the effect has been minimal on the state the AP’s analysis shows that the economy could be growing faster if not for cancelled projects.

It highlights the cancellation of a 400 job project in Charlotte by PayPal, CoStar backing out of negotiations which could have brought 700-plus jobs to the same area, and several more.

It is estimated that the state has missed out on more than 2,900 jobs.