Jet industry set for a rebound
February 22, 2012, 10:28 am
Sales of corporate jets in the United States dropped significantly with the onset of the global financial crisis. However, the Spectrem Millionaire Investor Confidence Index continues to improve, indicating the market for personal planes is primed for a recovery.
Data from the General Aviation Manufacturers Association shows total worldwide shipments of business jets fell 42 percent after peaking at 1,313 planes in 2008 to 764 jets in 2010. Aviation analysts expect the demand to rise back up, as many markets are slowly making gains, Reuters reported.
A trade show held by the National Business Aviation Association showcased new jet models ranging from seven- to 13-passenger aircrafts. And a recent report from Honeywell Aerospace suggested the business jet industry was ready to expand in 2012, the source reported.
In addition, the Florida House of Representatives recently expanded a sales tax exemption to include most light general aviation aircraft maintenance costs and other equipment used for repairs, further boosting the industry, Avionics Intelligence reported. Florida is among 32 states in the country offering tax exemptions in the aviation industry.
The source reported the legislation will not only help boost aviation sales and business in the state, it will also help create new jobs. Much of Florida's aircraft maintenance and repair business was lost to other states in the past few years, and the new tax exemption will bring new business into its borders.
Pilots should not forget to invest in pilot insurance to enjoy the skies every flight.
Are you covered? Are you overpaying? Find out! Get a Quote Now!
| 
