Golf courses have become a staple of the U.S. economy over the past century, but the market is still growing rapidly.
According to a new study by market researcher PwC, golf courses accounted for $14.9 trillion in annual revenue in 2016.
But, that figure has jumped by $8.5 trillion since 2008.
In the next decade, PwCs estimates the value of golf courses will reach $34.5 billion.
Golf courses will become more important to the U!g economy as they grow in popularity and become more of a core asset class, said PwCon President Brian Kelly in a statement.
“It is crucial to keep the UG economy vibrant and competitive in order to sustain the American dream.
We can’t wait to see what will happen when we see a surge in the number of people who want to work in the entertainment industry, especially if we are able to make it more attractive to get into the golf course business,” Kelly said.
The PwCo report also predicts that the U-turn in the golf industry is likely to continue over the next 20 years, with more and more people going into the industry and its products.
“By 2025, we expect the UGA Golf Course to be the most important course in the U, with $3.7 trillion in market value,” PwCON said.
Golf course owners in the region are not the only ones looking to capitalize on the booming market.
PwCons findings also highlight the value that the country’s major cities add to the economy.
to the report, the value added by cities to the gross domestic product of the United States in 2016 was $1.2 trillion.
And the UAG is expected to add another $1 trillion in revenue in 2026.
“We expect this economic expansion to continue through 2030 and beyond, driven by a growing appetite for recreational, leisure and hospitality activities and an increase in the use of technology,” PWC’s Kelly said in a press release.
“The UG golf course has become an increasingly important part of our national identity, and we are proud to be a part of its success.”