Valuation Resources

Golf Courses

SIC 7992  |  NAICS 713910

The following guide to industry research and analysis provides sources for industry trends and statistics, financial ratios, salary surveys, and more.

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

For guides to other industries, see our index of over 400 industries.

Industry Analysis, Trends, Statistics, and Forecasts

Golf Courses & Country Clubs  (view report)
Golf Driving Ranges & Family Fun Centers  (view report)
Comprehensive market research reports provide in-depth industry analysis and five-year forecasts, with special focus on the underlying structure and external forces and relationships that affect industries and their performance. Topics addressed in the reports include:

NGCOA
Golf Business Magazine
http://www.golfbusiness.com/

Monthly trade journal features news and information for course owners and managers with a focus on a specific type of property in each issue (e.g., single-course, multi-course, private clubs, and resorts), and special features including the annual "Year in Review and the Look Ahead" (November/December issue) and "State of the Industry" (January issue) reports. Digital flipbook editions are available 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 superintendants, 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 prior reports are available free online.


NGF
Publications available from this trade association include:

Fact Sheet / Annual Report
https://www.ngf.org / annual-report
Fact sheet and the annual report provide a summary overview of the industry's major top-line metrics, with information provided in the report including golfer participation trends, average number of rounds played per golfer, total number of rounds played, course supply and development, recent acquisitions, off-course retail store and equipment sales, economic indicators, and expectations for the year ahead.

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 and under construction. Summary results from the most recent report are available 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 gender, age, household income, and education level for all U.S. golfers, and includes additional breakdowns by golfer population segment (e.g., core golfers, occasional golfers, junior golfers, and beginning golfers) and geographic region. Summary data from the survey can be viewed free online.


BizMiner
Market Analysis Report
https://www.bizminer.com

Market analysis report provides 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 and Country Clubs
https://www.bizminer.com  Search for "713910"
Five-year financial statement analysis includes income statements, balance sheets, and key financial ratios, with data available by sales size range on a national, state, and metro area level including:


Compensation and Salary Surveys

NGCOA
Compensation and Benefits Report
https://www.ngcoa1.org/

Comprehensive compensation and benefits survey provides total compensation data for 29 job titles, with survey data broken out by type of facility, gross revenue, and number of holes available and job titles covered in the survey including general manager, superintendant, 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 and benefits survey provides salary and hourly wage data for superintendants, assistant superintendants, equipment managers, and maintenance crew positions, with survey data broken out by facility type (e.g., private, daily fee, semi-private, and municipal), facility demographics, annual maintenance budget, GCSAA class (A, SM, CGCS), GCSAA chapter, state, and metro area.


PayScale, Inc.
Golf Course
https://www.payscale.com/

Free online service provides salary, bonus, and hourly wage rate data for selected job positions in this sector, with job positions for which salary or hourly wage data is provided including general manager, head course superintendant, assistant course superintendant, head golf professional, assistant golf professional, food and beverage manager, groundskeeper, greenskeeper, and irrigation technician.



Business Valuation Resources

Golf Property Analysis and Valuation: A Modern Approach
Larry A. Hirsch, MAI, Appraisal Institute, 2016
https://www.appraisalinstitute.org/

Comprehensive valuation guide explains how to analyze and value golf properties, with topics covered in this publication including types of courses, market analysis, course styles and layouts, other design considerations, ownership, management, and governance structures, approaches commonly used in valuing properties, unique valuation considerations, and common issues encountered by appraisers.


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

Annual survey provides information on investment and financing criteria for golf properties based on input from investors, brokers, lenders, and other survey participants, with 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 broker sales commission.


BVMarketData
www.bvresources.com
Private company sales transaction data for over 800 industries.



Related Industries:
Amusement, Theme, and Water Parks
Amusement Arcades and Entertainment Centers
Golf and Country Clubs
Hotels and Motels

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