“Time is our most precious commodity, and there are conveniences that wealth brings to essentially get you more time. —retired Microsoft CEO Steve Ballmer, explaining why he commutes via private jet from his Seattle home to watch games of the Los Angeles Clippers, the basketball team he bought last year for $2 billion. ”
Bombardier Sees a Shifting Business Jet Market
The robust market for business jets will continue despite economic fears in the U.S., according to a recent speech in Montreal by Bombardier Aerospace president Pierre Beaudoin. Beaudoin--who will take the reins of parent company Bombardier from his father and current CEO, Laurent, on June 4--said the Montreal-based aircraft manufacturer's backlog for business jets is strong, with many models sold out for three years or more. However, demand is becoming much less U.S.-centric, he said. "The market has been growing by 20 percent annually since 2004 and it's changing rapidly," Beaudoin said. "This year, only 22 percent of our orders have come from the U.S., down from 70 percent in 2000 and 50 percent in 2006. Europe, Russia and Asia are buying more." In the nine months that ended October 31, Bombardier delivered 156 business jets, 13 more than in the same period in the previous year.