Q3 JSSI Business Aviation Index Indicates Slow, but Steady, Worldwide Growth
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, Oct. 24, 2013 /PRNewswire/ -- (NBAA) -- 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.
About Jet Support Services, Inc.
Founded in 1989, JSSI is the only hourly cost maintenance provider covering virtually all makes and models of business aircraft, engines and APUs. JSSI provides its customers with comprehensive, flexible and affordable financial tools for managing the often unpredictable costs of operating and maintaining nearly all types of turbine-powered aircraft, including jets, turbo-props and turbine- powered helicopters. JSSI serves customers globally and manages maintenance services through its worldwide infrastructure of certified technical advisors. For more information please visit www.jetsupport.com.
Contact:
Anne Donohoe / Marj Rose
732.620.0033 / 214.862.8992
[email protected] / [email protected]
SOURCE JSSI
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