Golf Course Closures, By Year

The 105.5 course closures in 2022 (as measured in 18-hole equivalents, or 18-HEQ) was the fewest in the U.S. since 2005. That year was the last in which new course openings exceeded annual course closures. The following year, the housing bubble popped, precipitating the Great Recession. In the years that followed, there were a rash of golf course closures. In  recent years, the number of annual closures has declined significantly as the market -- on a macro level -- has moved closer to equilibrium when it comes to the number of golfers compared to golf course supply.