US business jet industry hit hard by downturn
Washington, May 31 (IANS) The US business jet manufacturing industry was hit severely by the global economic downturn, said a report released by the US International Trade Commission (USITC).
The report, requested by the US House of Representatives, said deliveries of business jets in US fell sharply during the period 2006-10, with the very light and light business jets being the hardest hit during the recent recession, reported Xinhua.
The decline was due to a challenging market environment characterized by tightened credit, uncertain government funding for research and development, and new entrants into the industry, noted the report Wednesday.
However, the US and European markets continued to account for the largest number of business jet deliveries during that period.
The USITC cited limited regional demand, new competitors, governmental regulations regarding the environment, airspace usage, aircraft user fees and other factors as future challenges to the competitiveness of the US business jet industry.
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