FAA: Bizjet Demand Beginning To Recover
Driven by higher corporate profits and the growth of worldwide GDP, the demand for business jets is beginning to recover, according to the FAA Aerospace Forecast for Fiscal Years 2012-2032, released last week. The more expensive and sophisticated turbine-powered fleet (including rotorcraft) is projected to grow at an average of 2.9 percent a year over the forecast period, with the jet portion increasing at 4 percent a year. “As the industry experts report a significant portion of piston aircraft hours are also used for business purposes, we predict business usage of general aviation aircraft will expand at a faster pace than that for personal and recreational use,” the agency’s analysts said, adding that the most recent shipment activity indicates “cautiously optimistic” results that the hard impact of the recession on the business jet market may have come to an end. But the overall active GA fleet is projected to increase at a meager average annual rate of 0.6 percent over the 21-year forecast period, growing from an estimated 222,520 in 2011 to 253,205 aircraft by 2032.