Business travel in Europe and Middle East achieve double digit percentage growth, according to JSSI's most recent Business Aviation Index. JSSI tracks the number of hours that business aircraft have flown by region, industry and aircraft type and releases all related data on a quarterly basis.
CHICAGO – Global business aviation activity saw modest gains in Q3 2014, with 2 percent growth quarter-over-quarter and 2.2 percent growth year-over-year, according to JSSI‘s most recent Business Aviation Index.
Jet Support Services, Inc. (JSSI), leading provider of maintenance support and financial services to the business aviation industry, tracks the number of hours that business aircraft have flown by region, industry and aircraft type and releases all related data on a quarterly basis.
“The results we’re seeing are consistent with macro trends in the greater U.S. economy in that there continues to be steady growth, but at a lower rate than during the second quarter when the economy was bouncing back from a particularly harsh winter. Fortunately for business jet operators, the cost of fuel has come down this year. With that said, the cost of maintenance continues to be quite volatile. JSSI has been at the forefront of allowing businesses to not only fix their maintenance budget, but to reduce their overall cost of maintenance as well,” said Neil Book, President and CEO, JSSI.
|
Quarter |
Quarter-over- |
Year-over- |
|
Q3 2014 |
2% |
2.2% |
|
Q2 2014 |
8% |
3% |
|
Q1 2014 |
-5% |
-2% |
|
Q4 2013 |
7% |
6% |
|
Q3 2013 |
1% |
2% |
|
Q2 2013 |
3% |
1% |
JSSI Index: By Industry
At the industry level, the aviation, construction, consumer goods, power and energy sectors all saw positive growth since last quarter. “The consistent and encouraging growth we’re seeing in the charter market reflects the steady pace in business investment growth seen across the economy,” said Mr. Book. “With consumer confidence at a seven-year high and gas prices on the decline, we’re optimistic about a strong holiday season for retailers and a positive fourth quarter for business aviation overall.”
|
Industry |
Quarter-over- |
Year-over- |
|
Aviation |
5.3% |
4.9% |
|
Business Services |
-2.7% |
-8.6% |
|
Construction |
6.1% |
3.5% |
|
Consumer Goods |
0.9% |
12.3% |
|
Financial Services |
-0.5% |
-1.6% |
|
Healthcare |
-6.3% |
6.2% |
|
Manufacturing |
-18.7% |
-18.8% |
|
Power & Energy |
11.4% |
-3.4% |
|
Real Estate |
2.5% |
-0.6% |
JSSI Index: By Region
On a regional basis, the results were mixed with positive activity in the developed markets, but an overall decline in less mature business aviation markets. “What stands out, though, is the large decline in African business aviation activity. As the Ebola crisis persists in Western Africa, many business travelers have been reluctant to travel to the region, and that reluctance is coming across in our data,” said Mr. Book.
|
Region |
Quarter-over- |
Year-over- |
|
Africa |
-8.5% |
-28.2% |
|
Asia-Pacific |
-5.4% |
-6.9% |
|
Central America |
-11.9% |
-9.7% |
|
Europe |
11.2% |
10.1% |
|
Middle East |
13.5% |
15.5% |
|
North America |
0.0% |
2.5% |
|
South America |
8.8% |
14.4% |
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
