After two of the most unprecedented years for U.S. golf courses in history, there are signs the decades-long supply correction is dwindling as the market moves toward equilibrium.

The world’s best-supplied golf market saw more total rounds of golf played in 2021 than ever before, with play and engagement continuing to thrive as the coronavirus pandemic stretched on. Amid the correction that’s thinned the number of U.S. facilities about 13% from its peak, the number of golfers per 18 holes is returning to a balance that existed two decades ago, when golf courses were, on the whole, more economically …