Wednesday, May 13, 2009

Will altruism destroy the private jet industry?

Thanks to a perception that private jets are a luxury corporations can do without during a crisis, the private jet industry is nose-diving as corporations get rid of their planes, according to a report on Wired.com:
Thanks to layoffs at Cessna, General Dynamics and Hawker Beechcraft, over 12,000 general aviation manufacturing jobs have been lost in recent months, but it's not just the plane makers that are hurting. Pilots, mechanics, dealers and others who make their living serving those planes are also feeling the heat. Jay Mesinger, who runs a corporate jet brokerage business in Colorado, says his sales plunged 50 percent in 2008 and he expects further drops this year. With orders for new planes being deferred and the market flooded with used aircraft, firms that supply the manufacturers with everything from seats to avionics are downsizing, too.

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