A new report released yesterday by Connecticut-based Forecast International says business aviation will produce 11,277 business jets, worth an estimated $197 billion, between 2009 and 2018.

Aircraft production is expected to total approximately 825 units in 2009, followed by 738 units in 2010 and 716 in 2011, said the report, entitled "The Market for Business Jet Aircraft." Annual production is projected to rise in 2012, however, and continue improving through the remainder of the forecast timeframe.

The bad economy and collapse of financial markets caused an industry that had seen several years of tremendous growth come to a sudden halt in late 2008, said the report. "New orders dwindled to near zero; scheduled deliveries were deferred, and cancellations began eating into sizable order backlogs. In response, business jet manufacturers slashed production rates," it said.

Forecast International has seen some recent encouraging signs of economic improvement. "Within the business aviation world, aircraft utilization is up; the used jet market has stabilized, and cancellation rates have subsided," said the report. "All are signs of optimism, and the market appears slated to improve slowly and gradually," but some difficulties in the market need to be overcome.

"During the 2009-2018 time period, the Forecast International projections indicate that the top three manufacturers in terms of unit production will be Cessna, Embraer, and Bombardier," said the report. "When the market is measured in monetary value of production, heavy iron builder Gulfstream takes the top spot, followed by Bombardier and Dassault."

Photo credit: Mike Vines