Economy losing altitude, but not private jets.
Despite America’s weak economy, and speculation that it may get weaker still, the private jet market in this country remains strong, thanks in no small part to foreign demand for US-made aircraft.In a positive financial news story, the Associated Press reports:
“The bustling economies of China and India, and newfound oil wealth in countries such as Russia, have helped keep sales of small executive jets strong. Despite the weakening of corporate profits in the United States, North American plane makers are reporting record orders, many from overseas.
‘There is a lot of demand worldwide,’ said Raymond Jaworowski, an aerospace analyst with market research firm Forecast International in Newtown, Conn. ‘If the U.S. economy does soften and even if we go into recession, the effects will be insulated somewhat by the growing economies outside the United States.’
The overall demand for jets is expected to remain strong in the coming years, said Jaworowski, who forecasts nearly 15,000 business jets worth a total of $192 billion will be sold over the next decade industrywide. The increase will come in planes of all sizes, he said.”
While we would all be happier if the economy were stronger, the rising private jet market certainly underscores just how many people are seeing private jets as the best, if not the only, way to go.
