Through the first six months of 2023, rounds of golf are up 5.5% year-over-year on a national level. This is compared to a year (2022) that ranks among the top five all-time in terms of total rounds played. So, where might we be headed during the second half of the year? The "cone of uncertainty" in the accompanying graphic reflects possible year-end trajectories based on the typical weather-related monthly fluctuations in play between +/- 3%.

Entering 2023, there were 15,945 golf courses at 13,946 facilities in the United States. Approximately 73% of these courses are open to public play, with 8,708 daily fee courses and 2,915 courses owned or operated by a municipality. Additionally, there are 4,322 courses at private clubs, or 27% of the nation's total supply.

New course openings in the U.S. remain limited, although there will be a slight uptick in 2023. Two states -- Florida and Texas -- have led the way in both openings and course development in recent years. Texas added to its total with the opening of five courses during the first half of 2023, including three at the Omni PGA Frisco Resort in Frisco, Texas, with the Fields Ranch East and West 18s as well as the 10-hole Par 3 course known as "The Swing."

U.S. golf course closures have steadily declined since reaching an all-time high in 2019, with a 62% reduction from that total in 2022. The drop is an indication of a move toward equilibrium of supply within the U.S. market. Course closures will continue into the future, likely in the neighborhood of 1% of the overall supply annually in a well-balanced market. At the midpoint of 2023, the number of U.S. closures is approximately the same as it was at midyear in 2022.

In a mid-year survey of operators at golf resorts and destination properties, more than half indicated that advance bookings and expected travel rounds (not local play) are or are expected to be ahead of 2022 levels. In addition, both are pacing well ahead of pre-pandemic levels, as anticipated.