Asia bounces back from tough second quarter with nearly 30 percent growth. Power and energy sector shows double-digit strength while financial services and technology Industries continue to struggle.
LAS VEGAS – The Business Aviation sector is showing a slow, but steady, growth year-over-year of flight hours of approximately 2 percent, according to the Q3 JSSI Business Aviation Index. The quarterly data shows more modest growth of 1 percent since Q2.
Jet Support Services, Inc. (JSSI), the world’s leading provider of maintenance support and financial services to the business aviation industry, has released its quarterly in-depth index that tracks the number of hours that business aircraft have flown and monitors several key geographic and industry sectors.
“From a geographic standpoint, the fluctuation that we are seeing in Asia/Australia is particularly noteworthy,” said Neil Book, President and CEO, JSSI. “Last quarter, the region was down precipitously both by quarter (13 percent) and year-over-year (23 percent). While it’s still down year-over-year by 2 percent, we are seeing explosive quarterly growth of 29 percent. We are also seeing very steady and encouraging growth in all of the regions that we report, with the Middle East and Europe holding steady, both with a 14 percent quarterly growth rate respectively.”
JSSI Index: By Region
Region |
Year-over-Year |
Quarter-over-Quarter |
Asia/Australia |
-2% |
29% |
Europe |
14% |
14% |
Latin America |
1% |
8% |
Middle East/Africa |
5% |
14% |
United States |
4% |
2% |
The data broken up by industry sector also gleans interesting insights. While last quarter showed strong growth in the automotive and manufacturing sectors, this quarter shows a steep double-digit decline quarter-over-quarter. Government also shows a double-digit dip, which could be a result of the decline in government spending leading up to the recent shutdown. The Technology industry continues to report declining numbers, as does the Financial Services industry. Power and Energy remains the strongest sector this quarter, which seems to have been kept afloat by the boom in the production of oil and gas from shale through “fracking.”
JSSI Index: By Sector
Category |
Year-over-Year (calendar) |
Quarter-over-Quarter |
Automotive |
-16% |
-17% |
Consumer Goods |
26% |
-5% |
Financial Services |
-6% |
3% |
Manufacturing |
-27% |
-23% |
Power & Energy |
29% |
6% |
Real Estate |
11% |
10% |
Technology |
-14% |
-12% |
“Our index has proven to be an economic indicator of the strength, or in some cases the weaknesses, of some key industries and regions all over the world. The bottom line is that when businesses are flying, they’re not only demonstrating their own fiscal health, but they are also contributing to the world economy in comparison to other major international industries,” added Mr. Book.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.