Golfing is one of those sports that looks easy to do until you actually try to do it yourself. The attraction to this sport is pretty simple: players get to be outside, enjoying a beautiful day, with a favorite beverage in hand. From the amateur to the professional, it is also one of the most affordable sports to pick up, even if getting your handicap to zero is nearly impossible.
Interesting Golf Industry Facts
The U.S. golf economy generated over $68 billion in revenues in 2011, the last year a major study was done on economic impact.
The golf industry appears to be contracting instead of expanding, however, as revenues are over 9% lower than the 2005 economic impact study that was done. Despite this, more people than ever before report golfing on a regular basis, estimated to be at over 25 million people.
Essential Facts About the Golf Industry
1. There are fewer golf courses globally in 2011 than there was in 2005. There are still, however, more golf facilities than there were in the year 2000.
2. Despite lower overall revenues in the industry, participation in golfing events was up in every category. Golf tournaments saw a 21.6% increase in participation.
3. The total economic impact of the golfing industry is estimated to be $176 billion when all factors are included, from beverage purchases to golf cart production.
Takeaway: Nearly two million jobs are created because of the golfing industry, which means this sport has a direct impact on our local communities. Although not everyone is a golf pro, there are servers, chefs, and administrators who all rely on the industry for their paycheck every week. Retail sales are also an important part of this industry and without these factors, workers would lose over $50 billion in wages annually.
Additional Golf Industry Statistics
1. Capital investments into golf courses totaled just over $2 million in 2011.
2. Despite the 9% decline in revenues, golf’s core industries were able to increase 1.3% over the same period of time, providing stability to the sport’s core resources.
3. In 2011, people spent $10 billion more on golf than they did to attend all major spectator sports combined.
4. The United States has over 1,300 miniature golf facilities nationwide.
5. Practice ranges and alternative golfing facilities, such as virtual golf, accounting for over $900 million in golfing revenues in 2011.
6. Only 63 new golf courses were under construction in the United States in 2011.
Takeaway: Even though there are 100,000 fewer total jobs in the golfing industry in 2011 when compared to 2005 levels, the industry itself is still growing and therefore stable. Just as with any other industry, people are learning to do more with fewer resources thanks to the struggles of the 2008 recession that hit around the world. As incomes pick up, the golfing revenues will also pick up, and a full recovery should be seen.