Fairway Club Advisors
Capital Project BenchmarkNo. 6 · Q3 2026
Capital Project Benchmark · US private clubsData to 30 September 2026
Clubs borrow more to fund bigger clubhouses
We logged 58 peer club projects in the third quarter with $412 million in disclosed budgets. Member assessments funded a smaller share than a year ago, and debt made up the difference
1Projects logged this quarter
We logged 58 projects at peer clubs between July and September, eight more than in the second quarter. Permitted projects carried the largest budgets: 19 permits accounted for $171 million of the $412 million disclosed, led by a $24 million clubhouse rebuild in Connecticut.1
| Stage | Projects | Disclosed budget | Median budget | Change on Q2 |
|---|---|---|---|---|
| Announced | 24 | 148 | 4.2 | +5 |
| Permitted | 19 | 171 | 6.8 | +2 |
| Completed | 15 | 93 | 3.9 | +1 |
| All stages | 58 | 412 | 4.6 | +8 |
Source: county and municipal building permits, club announcements, IRS Form 990 filings, trade press, Fairway Club Advisors estimates
2What clubs are building
Clubhouses remain the largest and fastest rising category. The median clubhouse budget of $9.6 million works out to $15,800 per member, and the median cost per square foot ranges from $541 in the Midwest to $684 in the Northeast.
| Type | Projects | Median budget | Per member | On 2025 median |
|---|---|---|---|---|
| Clubhouse | 17 | $9.6m | $15,800 | +11% |
| Golf course | 14 | $4.8m | $8,100 | +7% |
| Fitness and racquet | 13 | $3.2m | $5,300 | +9% |
| Pool and aquatics | 8 | $2.6m | $4,200 | +4% |
| Maintenance facility | 6 | $1.9m | $3,100 | +6% |
| All projects | 58 | $4.6m | $7,600 | +8% |
Source: county and municipal building permits, club announcements, IRS Form 990 filings, trade press, Fairway Club Advisors estimates
Source: county and municipal building permits, club announcements, IRS Form 990 filings, trade press, Fairway Club Advisors estimates
3How clubs are paying
Where clubs disclosed funding, debt covered 32 percent of project cost in the third quarter, up from 26 percent a year earlier. Member assessments fell to 43 percent from 48 percent, and capital reserves held near a fifth. Boards told members in four of the quarter's announcements that a smaller assessment was the condition for approval.2
Source: county and municipal building permits, club announcements, IRS Form 990 filings, trade press, Fairway Club Advisors estimates
| Club | Region | Scope | Budget | Funding |
|---|---|---|---|---|
| Country club, Connecticut | Northeast | Clubhouse rebuild | 24.0 | Debt and assessment |
| City club, Chicago | Midwest | Dining and fitness | 14.5 | Reserves and debt |
| Yacht and country club, Florida | Southeast | Clubhouse renovation | 12.8 | Assessment |
| Golf club, Arizona | Southwest | Course renovation | 9.2 | Reserves |
| Country club, Northern California | West | Racquet center | 7.6 | Debt |
Source: county and municipal building permits and club announcements, July to September 2026
4Against the Club Peer Index
5What to watch in the fourth quarter
Two clubhouse rebuilds above $15 million go to member votes in November, and both proposals lean on debt rather than assessment. We will also read the Bureau of Labor Statistics producer price index for new nonresidential building construction, which sets the cost path for projects now in design.
How this benchmark is built
- A project enters the register when a club announces it, files a permit or reports completion, and is tracked through each stage
- Budgets and funding are counted only where a club, permit or Form 990 discloses them, and are never imputed
- Peer sets follow the club size and dues bands of the Club Peer Index, so each subscriber reads projects at comparable clubs
Approved for subscribersDaniel OkaforDirector of Capital Planning Research · 9 October 2026
1 Budgets were disclosed for 44 of the 58 projects. Budget totals and medians cover disclosed projects only.
2 Funding shares cover the 37 projects with a disclosed funding plan. Initiation fees and member donations make up the remaining 6 percent.