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Corporate Private Jets Boost Local Economy

pwk, chicago executive airport, private jetThere many articles circulating these days on how evil private jets and their owners are in this economy.  Well, here is a report that shows how much of an impact corporate jets have on the local economy.

Here is a snapshot of one-year activity from Chicago Executive Airport (KPWK) in Wheeling. This report is from one FBO and the revenue generated over this period. Remember, this is just one airport and one FBO reporting these numbers.

  • 745 - Number of hotel reservations booked
  • $83,880 - Revenue for Hilton Northbrook, Wingate Inn and other hotels
  • 3,385 - Number of car rentals from the one FBO
  • $580,446 - Revenue for on-site Hertz car rental
  • 1,388 - Number of taxi cab rides originating from Chicago Executive
  • $48,544 - Revenue for 303 Taxi cab service that originated from KPWK
  • $17,796 - Dollars spent in Wheeling area restaurants for the FBO related business meeting

Overall, these number are not huge. But when you look at the thousands of similar airports across the US, the impact is enormous. 

Source: Chicago Executive Airport, 2007 report

 

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Increased Gulfstream Jet Orders Reported by General Dynamics

One of the largest makers of business jets, General Dynamics Corp. is seeing an increase in orders for its large-cabin Gulfstream private jet aircraft.

Jay Johnson, chief executive officer of General Dynamics, "Not to say business is booming, but clearly we are starting to trend to more activity.

Gulfstream is focusing it operations toward private companies and individuals, Johnson said. Less than half of new jet orders are from North America, and the company's backlog of private jet orders is approaching $20 billion.

Johnson later said, "You will see margin growth, sales and an order book that is going to be robust as the industry rebounds from the challenges right now. 

Source: Bloomberg 

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Airbus executive says more corporate jet sales next year

The European manufacturer, Airbus, said last Wednesday that corporate jet sales are expected to rise next year mirroring the growing Chinese market.

Vice president of executive and private aviation, Francois Chazelle, was reported saying that more Chinese billionaires are considering buying corporate jet for their private jet travel.

He said there would be interest among Chinese businessmen who are looking to purchase companies after the financial crisis.

The number of Chinese billionaires owning a private jet is about a tenth of that in the US, he added. Airbus reports that the Middle East, Asia and Europe are their three largest corporate jet markets.

Source: MSN News 

Topics: Business Private Jet Private Jet