Sales of new private aircraft fell 16 percent in the first quarter from a year ago as demand weakened for the largest planes.
Jet airplane billings were about $3.53 billion in the first quarter, down from $4.2 billion a year earlier, according to the General Aviation Manufacturers Association. That was the biggest decline in almost five years.
Demand for large-cabin business jets has deteriorated amid a dearth of spending from the oil industry, a strengthening dollar and low commodity prices that are sapping purchases in some emerging-market countries.
Manufacturers including General Dynamics Corp.’s Gulfstream unit and Bombardier Inc. shipped 34 large jets in the quarter, down from 46 a year ago. Those jets fetch higher prices, which skew the sales amount. A Gulfstream G650, the largest purpose-built business jet that can fly from New York to Tokyo, has a list price of more than $65 million.
Shipments of medium-sized jets increased to 76 from 69, a sign that smaller U.S. companies are still returning to the market as customers. Excluding Dassault Aviation SA, which doesn’t report first-quarter shipments, 122 total business jets were delivered in the first three months of the year, down from 128.