2018 has been quite a year for business aviation so far…
Between pilot shortages, a spike in business aviation services, and an extreme overhaul of avionics, it has already been a whirlwind of a year for our sector of the industry. Since it’s already August, we wanted to do a quick reflection on highlights in the business aviation industry for the first half of year, and point out major happenings for business aviation.
- As a whole, we have seen a shift in the clientele utilizing business aviation, and many are looking at it as positive and encouraging for the future of the industry. In fact, Million Air CEO Roger Woolsey says, “I have long felt that business jets are today’s cell phone… years ago considered a luxury, now a vital, affordable and competitive tool.”
- In December 2017, the House and Senate passed a bill allowing major tax reform legislation that housed several key changes for business aviation efforts in multiple areas. One huge benefit from this tax bill is 100-percent expensing. Now, taxpayers are allowed to write off any costs acquired with aircraft placed in service after September 27, 2017 and before January 1, 2023. If all this tax talk is as overwhelming to you as it is to us, be sure to check out the NBAA Tax, Regulatory & Risk Management Conference right before the NBAA-BACE October 2018 in Orlando, FL.
- Over 130 charter operators throughout the globe hold ARGUS Platinum ratings.
- Boeing released statistics on a pilot shortage concern, but many organizations are coming together to try to bridge the gap.
- We have seen exponential digitalization, both in and out of the aircraft. Sentient Jet CEO Andrew Collins says, “digital is no longer just an extension of your business or even a unique differentiator or product attribute. It should be front-and-center in your corporate strategy.” Services like Bitcoin or digital cockpit aids like EFBs or in-console technologies are extremely prevalent and necessary for all operators.
- Many operators, and the industry as a whole, are turning to ‘greener’ solutions. “One of the most significant trends for business aviation is our industry’s commitment to reducing its carbon footprint and mitigating climate change,” says David Coleal, Bombardier Business Aircraft President. This includes CORSIA and the NBAA’s push for sustainable fuel options.
It certainly has been an interesting year for us. With all the new developments and exciting changes happening in the industry, it’s difficult to keep up. Be sure to follow our social media accounts, review our blog weekly, and subscribe to our newsletter to stay up-to-date on the latest happenings in aviation training and business aviation news.