Business Jet Activity on the Decline, Report Shows

According to the report released Thursday, global business jet activity decreased by 8 percent in the last four weeks compared to the same time period a year ago.

Additionally, there have been double-digit declines in charter activity each week since mid-February, with the week of March 13, 2023 seeing 16 percent year-on-year dip in the U.S. 

Research also shows that by the week of March 13, there was a 14 percent global decline in Part 135 charters and Part 91 Subpart K fractional business jet activity compared to the same dates last year, according to WingX.

Overall for year-to-date from January through March 19, 2023, business jet and turboprop activity is two percent behind last year, but 12 percent ahead of 2019 levels.

During the week of March 13, 2023, almost 55,000 business jets departed North American airports—10 percent fewer than the same dates last year. In the last month, North American departures were down about 9 percent behind last year. Teterboro Airport (KTEB), the busiest departure airport for Part 135 and Part 91 operations, has seen a 16 percent decline in activity compared to last year, WingX said.

In Europe, business jet sectors were down 11 percent over the last four weeks compared to the same time frames as 2022.

“The Embraer Phenom 300 is the busiest aircraft type this month, and the Cessna Citation Latitude is the only top aircraft with activity ahead of last year," WingX said.

The WingX report reflects trends and data from the FAA’s Business Jet Report, which the agency says bankers and other economic analysts use as one indicator of overall economic conditions.

“March 2022 was the record peak in business aviation activity, reflecting the pent-up demand as the pandemic faded and lockdowns were released, so it’s not a great surprise to see lower [year-over-year] activity,” noted WingX managing director Richard Koe. “However, with emerging concerns of another global financial crisis, we may well see further softening in business jet usage in the next few months.”