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The wealthy want business jets, even as economy softens, says Bombardier CEO - BNN Bloomberg

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Demand for private planes remains strong even as the economy cools, according to Bombardier Inc. executives.

CEO Éric Martel said Thursday that business jets are not among the sluggish markets threatening to drag down Canada's economic output this year.

Charter services are becoming increasingly popular, even if ownership by businesses and the ultra-wealthy may be slowing slightly, Martel said. The aircraft maker is looking to boost production of private jets to 138 this year from 121 in 2022, with the assembly process on track, executives said Thursday. Bombardier rolled out 22 Challenger and Global jets in its first quarter, versus 21 planes a year earlier when it still also made the historic Learjet, which is no longer in production.

Martel called the percentage of pre-owned inventory on the market"extraordinarily low" versus a more typical range of between 10 and 14 per cent.

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