Released on : November 15, 2002
First-Of-Its-Kind Study Of The “Golf Economy” Captures The Many Dimensions Of The Game
St. Augustine, FL — A new study commissioned by GOLF 20/20, the golf industry’s initiative committed to growing interest and participation in the game, reveals that the golf economy in the United States accounted for over $62 billion worth of goods and services in the year 2000. The study was conducted by SRI International, and the numbers were announced today at the GOLF 20/20 Annual Conference in St. Augustine, FL, by SRI’s Dr.Peter Ryan. GOLF 20/20 sponsored this first-ever estimate of the overall scope of the golf economy in order to provide a framework to monitor long-term growth of the industry.
“This report clearly indicates the golf industry’s importance to the U.S. economy,” said Ruffin Beckwith, World Golf Foundation senior vice president. “It also serves as a benchmark to monitor the progress of industry efforts to grow interest in the game, and to meet our goal of having 55 million participants by the year 2020.”
A team of researchers from SRI’s Economics and Organizational Development practices conducted the study. To determine the scope of the golf economy, SRI researchers analyzed existing studies and data sources such as government census statistics, state-level golf impact studies, and annual reports from golf related firms and associations. Input was taken from industry experts and stakeholders, as well.
SRI’s report identifies the financial contributions from many dimensions of golf, such as golf facility operations ($20.4 billion), golf course capital investment ($7.8 billion), golfer supplies ($5.9 billion), and media, tournaments, associations, and charities ($4.4 billion). Also included is the impact on “enabled” industries, such as hospitality/tourism ($13.4 billion) and real estate ($9.9 billion).
Over the past 15 years the golf industry has grown substantially, far outpacing inflation, and expanding in a manner consistent with the most optimistic projections made by the National Golf Foundation in the late 1980s. When compared to sales in other industries, the golf industry fares well. For example, the motion picture and sound recording industry measured approximately $57.8 billion in 2000, and the amusement, gaming, and recreation industry totaled about $55.9 billion, according to government census data.
The complete report that includes detailed methodology, estimates, and references will be available at www.golf2020.com.
About The World Golf Foundation and GOLF 20/20:
GOLF 20/20 is a three-year old initiative of the World Golf Foundation focused on aligning the golf industry behind programs that impact the growth of interest and participation in golf. To date it has been funded by contributions from the PGA TOUR, PGA of America, United States Golf Association, National Golf Course Owners Association, Golf Course Superintendents Association, and Ladies Professional Golf Association. The World Golf Foundation oversees the World Golf Hall of Fame, The First Tee, and the National Minority Golf Foundation, as well as GOLF 20/20.
About SRI International
Silicon Valley-based SRI International (http://www.sri.com) is one of the world’s leading independent research and technology development organizations. Founded as Stanford Research Institute in 1946, SRI has been meeting the strategic needs of clients for more than 55 years. The nonprofit research institute performs contract research and development for government agencies, commercial businesses and nonprofit foundations. In addition to conducting contract R&D, SRI licenses its technologies, forms strategic partnerships and creates spin-off companies.