Private jet sales strong

WASHINGTON – Despite a faltering economy, the demand for private jets is flying high.

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.

New planes may be in the works to satisfy companies hoping to free top brass from the hassle of commercial air travel.

The North American market has traditionally been the biggest consumer of private jets, but Falls Church, Va.-based General Dynamics said 2007 orders for Gulfstream jets overseas surpassed its North American totals for the first time. Private jets have become the travel method of choice for corporate executives who can afford them, cutting down on wait times and delays that affect commercial carriers. Corporations can either buy planes outright, or buy fractional jet shares to avoid shouldering the hefty price of planes that can range from a few million dollars to $50 million.