Golf Courses – Industry Analysis, Statistics, Trends, and Forecasts

See the following sections listed below to view available resources by category:

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Industry Analysis, Statistics, Trends, and Forecasts

• Market size and major product and service segments
• Key industry statistics, trends, and financial ratios
• Operating conditions and current performance
• Competitive landscape and environment
• Major company profiles and market shares
• Five-year outlook and growth forecasts

National Golf Course Owners Association
Golf Business Magazine
https://www.golfbusiness.com/

Monthly publication provides news and information for course owners and managers with a focus on various aspects of management and operations including course design and maintenance, food and beverage operations, pro shop merchandising, marketing, finance, human resources, insurance and liability issues, technology, and legislative updates. Archived digital editions are available free online.

GIE Media, Inc.
State of the Industry Report
https://www.golfcourseindustry.com/

Annual report provides information on current business conditions and concerns and expectations for the year ahead based on a survey of golf course superintendents, with topics addressed in the report including operating budget, capital budget, financial condition, profitability, maintenance crew staffing, personnel recruiting issues, and industry concerns. Current and past reports are available free online.

National Golf Foundation
Publications available from this trade association include:

Fact Sheets
https://www.ngf.org/
Fact sheets provide a summary overview of the industry's major top-line metrics, with statistical data provided including on-course and off-course participation trends by age and gender, total number of rounds played, average number of rounds played per golfer overall and by age group, course supply and public access, and course development and renovations. Fact sheets can be viewed free online.

Facilities in the U.S.
https://www.ngf.org/
Annual facility report provides the total number of daily fee, municipal, resort, and private courses by state and region on a facility and 18-hole equivalent basis, and also provides detailed information on course openings, closings, and renovations, as well as the number of courses which are currently in planning or under construction. Summary description and table of contents are available free online.

Participation in the U.S.
https://www.ngf.org/
Annual survey provides information on golf participation rates and number of rounds played annually by age, gender, household income, and level of education for all golfers, and also includes additional demographic breakdowns by golfer segment (e.g., core, beginners, juniors, women, non-Caucasian) and geographic region. Summary description and detailed table of contents are available free online.

BizMiner Market Analysis Reports
Golf Courses
https://www.bizminer.com  Search for "713910" to see available reports

Market analysis reports provide industry statistics for a user-defined area on a national, state, county, metro area, or zip code level, with data provided including number of companies, market volume and sales trends, average company sales, sales per employee, staffing and employment trends, average employee wage, and business start up activity and failure rates. Sample report can be viewed online.

Financial Statements and Financial Ratios

BizMiner Industry Financial Ratios
Golf Courses
https://www.bizminer.com  Search for "713910" to see available reports

• Income and expenses in dollars and percentages
• Balance sheets in dollars and percentages
• Profitability and return on investment ratios
• Liquidity and working capital ratios
• Asset turnover and efficiency ratios
• Capital structure and debt service ratios

IBISWorld Research Reports
Industry Financial Ratios
(see links for individual reports)

Key statistics section of these reports provides detailed income statements and balance sheets on a common-size basis and an array of industry financial ratios, with the financial ratio data presented on an annual basis for the four most recent years for which data is available and on a historical average basis over three-year, five-year, and ten-year time periods. Sample report can be viewed free online.

Compensation and Salary Surveys

NGCOA
Compensation & Benefits Report
https://www.ngcoa.org/

Comprehensive compensation and benefits survey provides total compensation data for 29 job titles, with survey results broken out by type of facility, number of holes, and gross annual revenue and job titles covered in the survey including general manager, superintendent, sales and marketing director, membership director, head golf professional, accounting manager, and food and beverage manager.

GCSAA
Compensation and Benefits Report
https://www.gcsaa.org/

Biennial compensation report provides base salary and hourly wage data for course superintendents, assistant superintendents, equipment managers, and maintenance crew personnel, with salary data for superintendents reported by facility type (e.g., private, daily fee, semi-private, municipal), number of holes, annual maintenance budget, superintendent demographics, chapter, state, and metro area.

BV Guides and Databases

 »   Search M&A databases with free "Visitor Search" to find private company sales transaction data.

Appraisal Institute
Golf Property Analysis and Valuation: A Modern Approach
https://ai.appraisalinstitute.org/  Search "Books" for title

Comprehensive publication explains how to analyze and value golf properties, with topics covered in this reference guide including types of properties, market analysis, subject property analysis, highest and best use, marketability considerations, applying and reconciling valuation approaches, allocating real, personal, and intangible property values, and unique considerations in valuing these properties.

SGA
Golf Investor & Lender Survey
http://golfappraisers.org/

Annual survey provides information on investment and financing criteria used to evaluate golf course properties, with various measures covered in the survey including overall capitalization rate, terminal capitalization rate, net income multiplier, gross income multiplier, discount rate, income and expense growth rates, and course management fees and capital reserves as a percentage of gross revenues.

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