The economy has affected different industries in different ways. Where Michigan had a big golf course boom in the 90’s and 2000’s, the recession of the last 10 years is now catching up with the golf industry.
There is a great article on the Detroit Free Press on the Michigan golf bust that is currently going on. About 200 of Michigan’s golf courses have closed since the early 2000’s, and unfortunately the trend seems to be continuing.
From the Free Press:
Michigan’s economy has largely rebounded, but its golf course business has been trapped in a bunker lately as the baby boom generation gets older and millennials seem less interested in the time commitment of 18 holes.
Although Michigan still ranks in the top 5 nationwide for number of golf courses and is the top state for public courses, each year more course owners are selling to real estate developers or are forced to close for financial reasons. Meanwhile, very few new courses are getting built.
For some courses, real estate was a way to extend the life of the course – for others, “new housing also has been a popular redevelopment option for struggling golf courses — or financially stable courses whose owners accept a generous deal to sell.”
However, this might mean it’s a great time if you’re considering purchasing a home on or near a golf course!
Read the full article here.