Businesses return to private jet rentals
Posted Jun 7, 2011 7:31 am.
This article is more than 5 years old.
It’s being called a positive sign for the economy; more businesses are returning to private jet rentals as a transportation option.
Private jet use was all the rage leading up to the economic collapse and seen as a sign of hubris by corporate executives. Today, the return of the private aircraft is more because of necessity and economic benefits.
USA Today reports private jet use rose 11 per cent in the first quarter and seven per cent in April alone.
The recovery is a good sign about the returning health of the economy, according to industry watchers.
Overall, private jet use is about 10 per cent below its peak reached in early 2008.
The industry reached its low point when the CEOs of the Big Three automakers arrived in Washington by private plane, seeking a government bailout.
Instead of owning their own aircraft, companies are now opting to lease or rent by the hour, leading to more new operators and orders for aircraft.
