NGF: Course closures continue market correction
With supply continuing to outpace demand in golf, the pressure on golf courses yielded predictable results last year.
According to the National Golf Foundation, 157 1/2 golf courses closed in 2011, compared with 19 openings, measured in 18-hole equivalents.
Since the golf economy started to contract in 2006, a cumulative 358 1/2 golf courses have closed, representing a 2.4 percent drop from the 2005 peak.
“The supply correction is likely to continue for the foreseeable future,” said Joe Beditz, the NGF’s president and chief executive.
From 1986 to 2005, more than 4,500 courses were built in the U.S., according to the NGF.
“The slow correction that is now occurring is very much overdue and necessary, to help return the golf course business to a more healthy equilibrium between supply and demand,” Beditz said.