Jan. 17 (Bloomberg) -- Tiger Woods isn't the only one getting rich from golf.

Resorts, equipment makers, even authors and rental-car companies are making more money through the sport, according to a study released today at the annual PGA Merchandise Show in Orlando, Florida.

The golf business directly pumped $76 billion into the U.S. economy in 2005, up from $62 billion five years earlier, according to the Golf Economy Report compiled by SRI International.

The study was paid for by seven of the sport's top groups, including the U.S. PGA Tour, the PGA of America and the U.S. Golf Association.

Golf's financial boost was bigger than motion pictures ($74 billion), spectator sports ($65 billion) and newspapers ($50 billion), and climbed more than 60 percent faster than inflation, the study by the Menlo Park, California-based research and consulting company said.

Golfers purchased $6.1 billion worth of golf supplies, including equipment ($3.7 billion), apparel ($1.5 billion), magazines ($860 million) and books ($65 million) in 2005.

After Woods turned professional in 1996 and won the Masters Tournament the next year, golf experienced a boom in rounds played and dollars spent. The No. 1-ranked player in the world, Woods made $122.7 million in endorsements and on-course winnings last year, according to Golf Digest magazine, and is projected to be the first athlete to top $1 billion by 2010.

Money, Jobs

The SRI report estimates that direct spending on the sport led to an overall economic impact of $195 billion in 2005 and created 2 million jobs with a $61 billion payroll.

Golf's average annual growth rate of 4.1 percent from January-December 2005 was ahead of the annual inflation rate of 2.5 percent during that span and is mostly attributed to an increase in spending on real estate, tourism, greens fees, memberships and other facility operations, according to the report.

Direct spending on real estate and golf-related tourism in 2005 totaled $32.9 billion, up from $23.4 billion in 2000.

On-course spending produced $28.1 billion in 2005, up from $20.5 billion. Professional baseball, basketball, football and hockey combined to bring in $24.4 billion in the year of the latest study, according to U.S. Census figures.

Construction Down

Course construction was the greatest area of decline, continuing a trend that started in 1999, according to the SRI report. In 2005, 268 new facilities and 122 major course expansion projects were under way, down from 707 total construction projects in 2000. Golf course capital investment fell to $3.6 billion, from $7.8 billion in 2000.

While overall spending is up, scores haven't come down. The average score on an 18-hole regulation golf course was 98.3 in 2005, according to the Jupiter, Florida-based National Golf Foundation, which tracks the industry. That number has remained virtually unchanged since 1986.

To contact the reporters on this story: Michael Buteau in Orlando, Florida, at mbuteau@bloomberg.net.

Last Updated: January 17, 2008 12:12 EST