We can start a separate thread on this exact subject. I can remember Golf Digest Top New Courses in the 90's early 2000's choosing from 100's of new courses. Golf has certainly benefited from Covid restrictions. I have mixed feeling as almost every private course now has a waiting list. But 5 hour rounds, restricted tee times and poor etiquette is back again. I guess I shouldn't complain.There is a golf adage that it is the 3rd owner who makes money. The builder goes out of business. 2nd owner buys it at a reduced rate and survives for a while. 3rd owner gets it at an even more reduced rate and can eek out some profits or plows it under to build houses.
If you want to talk about golf demographics and supply demand. Bucks County has a population close to 650,000 people with only 4 private clubs Doylestown,Indian Valley,Jericho and Lookaway. Unless COVID has changed things recently Yardley/Spring Mill were going semi private with limited tee times open to the public.