Spent the last four days volunteering at the Bridgestone World Golf Championship event held at Firestone Country Club here in Akron, Ohio. Akron boasts an unemployment rate of over 10 percent and remains a shadow of the once vibrant "Rubber Capital of the World." Yet all is not bleak - as an 18 year resident of the area I can vouch for the quality of both the life and the people.
Firestone has hosted a PGA or Seniors golf tournament each of the last 56 years - so top flight golf has been one constant in a rapidly changing world. Why Akron? Well the course is one of the pro's favorites and, perhaps, more importantly in today's world one of Tiger's favorites. His win yesterday was his 7th at Firestone. But the whole package must be attractive to sponsors as yesterday Bridgestone announced a four year extension to its sponsorship of the event. A sharp contrast to the final playing of the Buick Open last week in Flint, Michigan as GM pulled its support. So what do the events at Firestone tell us about the economy?
1. Tiger is not feeling the pain, he added $1.4 million to his bank account, even last place paid $35,000 so all 80 players made a nice profit on the week
2. Corporate hospitality is still a dodgy pastime. One major sponsor told me that fewer than half the people they invited to attend had accepted due to either financial or political fallout from being seen to accept hospitality and risking any enjoyment whatsoever. My wife who spent the weekend checking the credentials of people seeking enter "hospitality land" had time to read the latest John Grisham from cover to cover so rushed off her feet was she.
3. Until Sunday, the crowds were modest. The leading two ball on Saturday
(Padraig Harrington and Tim Clark) was accompanied by all of 100 people. On Thursday, a front row view of Tiger could be had with ease. Want to watch any other player? No problem you would probably have to jostle with all of ten other people to secure your preferred vantage point.
4. There is a nice boost to the local restaurant economy. According to their tweets, Stewart Cink splashed out on dinner at Bob Evans and Mariachi Grill while Ian Poulter sampled the steaks at Flemings. Yet a table for 12 at one of the best restaurants in town was available at two hours notice on Thursday night.
5. The concessions were doing steady business even with $7 burgers and $6 beers, the merchandise pavilion was low on stock by sunday morning so that is probably a good thing. Beer moved fast in the 90 degree heat on Sunday proving that some things are recession proof.
6. Parking in the front yards of houses on the surrounding roads was "recession-priced" with prime spots available for $5, down from $20 in past years.
7. Technology still drive the (golf) economy. On Sunday that renowned muscleman, Padraig Harrington hit he longest drive on the eighth hole at 382 yards - yes it was downhill and slightly downwind but that is ridiculous.
So the overall forecast is still very mixed. Some "greens shoots" but a lot of caution. Stay tuned for an update after next year's event. One prediction - Tiger will walk away with a the biggest check again!