Do you find the NGF reports to be legitimate? I've seen some reports recently that seem to paint a much, much better picture of the health of golf in the USA than my personal experience would suggest.
If I recall correctly, the report I saw implied that the number of people thinking about joining a private club is roughly equal to the number actually in clubs today. I just can't see how that can be.
If they're painting an overly optimistic picture of golf, could that possibly be causing owners to build more new golf courses than we really need?