In the short term, weak economic conditions and looming budget cuts in Washington pose problems for some parts of the industry. But the bigger message at the Aviation and Aerospace Industry Manufacturing Summit was that world economic growth will lead to growing sales of new airliners, helicopters and business jets for years to come.
The conference is being sponsored by Embry Riddle Aeronautical University and its Center for Aviation and Aerospace Leadership, with the backing of Hillwood and its AllianceTexas development.
Global growth presents potential sales for companies that manufacture components and provide services to companies like Boeing and Airbus, as well as operators of commercial helicopters and private jets.
Examples abound. NetJets, the leading provider of fractional jet ownership services, has announced plans to spend $17.5 billion over the next decade to buy hundreds of new aircraft, says Michael Goode, senior vice president of NetJets, which is owned by Warren Buffett's Berkshire Hathaway.
The continued consolidation of commercial airlines, reduced service and declining quality will drive more business people to use private aircraft, Goode says.
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