Vermont Golf Economic Impact Report Methodology & Approach

This standardized methodology has been applied across multiple statewide economic and environmental impact studies conducted by Radius Sports Group. The approach is designed to ensure consistency, comparability, and defensibility across markets while maintaining flexibility to reflect local market conditions.

I. General Limiting Conditions

The Impact Report is based on information collected from direct research completed by Radius Sports Group (“Radius”) for the state of Vermont in 2025 for the data year 2024.

This analysis is based on primary custom survey research conducted by Radius Sports Group and supplemented with secondary data sources, industry benchmarks, and economic modeling.

Data inputs include approximately 29 golf facilities representing 31 golf courses, or approximately 46.0% of the estimated 63 total facilities and 45.6% of the 68 golf courses.

Survey responses represent a broad and diverse cross-section of the market, including public and private facilities, multiple facility sizes, and geographic regions. Responses were normalized and weighted to align with the overall market composition.

A series of extrapolation methods were used to estimate total industry impacts, including facility counts, revenue levels, participation, and pricing metrics. These methods are designed to produce a representative and comprehensive view of the market.

Economic impacts are derived using input-output modeling (RIMS II) and reflect direct, indirect, and induced effects. These results are estimates and may vary based on model assumptions and economic conditions.

Every reasonable effort has been exerted to ensure that the data contained in the written report reflects the most accurate and timely information possible; and is believed to be reliable. However, no responsibility will be assumed for inaccuracies in reporting by sources used to collect data from golf facilities, associations and third-party data sources used in the report.

Findings should be interpreted as directional estimates that reflect industry scale and impact, rather than precise measurements.

II. Overview

This document outlines the methodology used to evaluate the economic, environmental, and community impacts of the golf industry. The approach integrates primary research, secondary data validation, and economic modeling to produce defensible, data-driven results.

III. Study Framework

Economic Impact: Measures direct industry activity, indirect supply chain effects, and induced household spending.

Environmental Impact: Evaluates land use, water management, resource efficiency, and sustainability best management practices.

Community Impact: Assesses recreation, accessibility, youth engagement, and charitable contributions.

IV. Data Collection Approach

Primary data is collected through a custom facility survey capturing operational, financial, and environmental metrics, including rounds, revenues, employment, capital investment, and best management practices.

Secondary data sources are used to validate and supplement findings. Examples include national benchmarks and publicly available datasets such as the National Golf Foundation (NGF), U.S. Bureau of Economic Analysis, U.S. Census Bureau, Bureau of Labor Statistics, U.S. Geological Survey (USGS), Golf Course Superintendents Association of America (GCSAA), retail industry reports, tourism boards, non-profit databases (e.g., IRS Form 990), and academic research.

V. Data Validation & Weighting

Survey responses are reviewed for completeness and consistency, benchmarked against known industry ranges, and weighted based on facility type, size, geography, and operational characteristics. This ensures results reflect the true composition of the overall market and not solely the respondent pool.

VI. Economic Impact Methodology

The analysis uses the Regional Input-Output Modeling System (RIMS II) developed by the U.S. Bureau of Economic Analysis to estimate total economic impact. This includes direct, indirect, and induced effects across output, employment, labor income, and tax contributions.

VII. Segment Approach

Golf Facility Operations

What is assessed: Golf facility revenue encompasses all receipts generated by operations, including green fees, cart rentals, membership dues, and initiation fees. It also includes ancillary sales such as merchandise, food and beverage, banquets, and other on-site purchases. Collectively, these revenues form the basis for covering all expenditures required to operate the facility.

How it is measured: Derived from facility survey data, weighted and extrapolated across the full population. Revenues include on-course retail and on-site activities only and exclude off-course retail. Facility and course counts are benchmarked against national data (e.g., NGF), and results are modeled using RIMS II input-output modeling to calculate jobs, indirect impacts, and induced impacts.

Capital Investment

What is assessed: Capital investments are major improvements beyond routine maintenance and operations. These include upgrading greens and tees, renovating clubhouses and other buildings, purchasing turf equipment and irrigation systems, and constructing new golf courses.

How it is measured: Survey-reported investments outside of normal operating costs are used to isolate large-scale capital projects. Reported average investment by facility type is applied to the full state census, with outliers removed for averaging, then added back in where they represented significant projects.

Golf-Related Supplies

What is assessed: Off-course economic activity attributable to golf, including retail sales of equipment and apparel, manufacturing, and service providers whose business is directly tied to golf. This data provides estimates for the direct retail revenue attributable to the golf industry in the State. The methodology involves establishing a national baseline for total U.S. golf retail sales, which is then allocated to the State based on its share of the nation's active on-course golfers. This approach ensures that the state-level estimates are grounded in broad, verifiable market data. The final figures, presented as Gross Retail Sales and a corresponding Retail Margin Value, are prepared for direct use in determining off-course retail and economic impact ripple affect modeling.

How it is measured: National retail benchmarks are allocated based on golfer participation to estimate total retail activity. On-course retail is excluded, as it is captured within facility operations, ensuring no duplication. Retail margin data (e.g., U.S. Census) is applied to isolate local economic value, and company-level research using industry databases (e.g., Dun & Bradstreet, Data Axle, ZoomInfo) is used to estimate manufacturing and service contributions.

Tournaments & Associations

What is assessed: The tournaments analysis measures the direct economic impact of major golf tournaments, including tournament operations, spectator spending, and retail activity in host regions. State, regional, and local governance bodies, along with affiliated organizations and golf-related non-profits were identified for the associations segment. The scope included organizational relationships, event calendars, district-level entities, and specialized groups. Financial impact was measured through IRS filings and modeled estimates.

How it is measured: Event data, attendance estimates, and financial filings (e.g., IRS Form 990, non-profit databases) are used, with structured estimation methods where direct data is unavailable. A four-step protocol guided the process for identifying and assessing Associations. Directories from the Alliance provided a baseline inventory. Systematic website reviews mapped relationships and activities, supplemented by partner sites, tournament clearinghouses, and nonprofit databases. Financial records were retrieved from IRS Form 990 filings and validated against EINs and submission dates. Where data was unavailable, a structured estimation framework was employed including scale-based modeling, program-fee analysis, and categorical benchmarking.

Charitable Giving

What is assessed: Charitable giving captures the net proceeds and in-kind contributions from golf-related fundraising events hosted at facilities, along with professional tournament initiatives. While facilities also hosted non-golf charitable events, only golf-dependent tournaments are valued here, as these rely on golf as the essential fundraising platform.

How it is measured: Estimates draw on the Radius New York Golf Facility Survey data and facility benchmarks from the National Golf Foundation. Additional sources include official event websites, press releases, Form 990 filings, and reputable news outlets. Where exact totals were unavailable, estimates relied on historical performance and event scale. Indirect and induced impacts were applied only to significant charitable golf tournaments, where activity exceeded normal facility operations, to avoid double counting.

Golf Tourism

What is assessed: Direct impact is defined as spending by golf tourists on lodging, dining, retail, transportation, and recreation, excluding golf fees to avoid double-counting. The analysis uses a three-part segmentation model: Out-of-State/International, In-State Overnight, and In-State Day Trip to reflect distinct visitor behaviors.

How it is measured: Trip volumes are benchmarked against industry travel patterns and facility survey data. Assumptions include two rounds of golf per trip for out-of-state visitors and adjusted attribution rates to isolate golf-motivated spending. Per-trip expenditures are composites from state tourism data and industry benchmarks. These assumptions provide a conservative baseline valuation of golf tourism’s economic contribution.

Golf Real Estate

What is assessed: The analysis measures the economic contributions of golf-related residential construction and the property value premium of homes adjacent to courses, focusing on spending and fiscal revenues attributable to golf amenities.

How it is measured: Golf Facility Survey data and third-party studies establish a property value premium, applied to adjacent homes and taxed at the State’s effective property tax rate for owner-occupied homes. This is a statewide average assumption and not specific to individual counties or municipalities. Premium assumptions are supported by National Association of Realtors studies (15–30%) and academic research identifying premiums up to 25.8% for lots directly abutting courses. New construction impacts are modeled using NAHB’s 64.4% national construction-cost ratio, with a 25% attribution factor applied to reflect buyer motivation tied to golf. The construction impact is treated as a one-time injection, while the property tax impact is recurring. Figures should be interpreted as conservative, statewide aggregates.