The 2012 Masters Tournament is under way, and in keeping with The Study’s longstanding interest in sports economics, it’s time to ask: Besides controversy, what does the PGA’s annual trip to Augusta produce?

According to a 2003 analysis, the Masters represents a substantial payday for the state of Georgia. But the Masters is just part of the golf industry in Georgia, which includes over 400 courses and clubs as well as a substantial manufacturing component (the vast majority of all golf carts are produced in the state). The biggest findings: Golf in Georgia supports an estimated 17,000 full-time jobs and 11,000 part-time jobs, and has an overall annual impact of about $1.84 billion. The estimated impact of major golf tournaments in Georgia was $217 million—the bulk of which (nearly 60 percent!) came from the Masters.