July 18, 2024
June private jet flights in North America were up 1.9% compared to last year, but Argus TraqPak says growth is flattening.
Its annual forecast had projected a 6.9% gain in June. Now Argus expects July private flights to be up just 0.1%. Its original forecast had expected a 4.7% gain.
“Overall demand continues to remain at record levels, especially within Europe. However, the North American market is beginning to show signs of reaching a possible growth ceiling…Most of the reduction in growth is tied to slowing growth in the Part 135 segment,” says Argus Senior Vice President Travis Kuhn.
Last month, Part 91 flying increased 6.1% year-over-year, and Part 91k fractional flights were up 3.5%, offsetting a 3.4% decline in Part 135 charter flying.
A pricing analysis by Private Jet Card Comparisons shows jet card charter pricing increased 6% in Q2. That followed a 5% jump in Q1.
The average hourly rate for jet cards with fixed/capped rates and guaranteed availability is now a record $10,770.
In terms of June Argus data, large cabin jet activity increased by 3%. Midsize aircraft were up 2.5%, and light jets showed a 2.1% gain. Turboprops lagged with 0.7% growth.
The most significant gains for the month were large-cabin private jets flying under Part 91, where flying was up 10.2%.
Regionally, New England had the biggest gain, up 20.9% last month. The Southeast had the largest drop, down 15.9%.
