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The fact that the number of aircraft and flights in the state did not drop off with the reduction in airports is attributable, in part, to greater efficiency in the use of land and in operations at the remaining airports. It also reflects the fact that older aircraft are being replaced with more capable and complex aircraft with more range and capacity. A final and important factor in recent years is the emergence of fractional ownership. This “time share” option allows smaller companies or individuals to own a fraction of an aircraft and receive management and pilot services associated with the aircraft’s operation. Fractional ownership allows companies that have never before used business aircraft to experience many of the advantages of business aviation without the startup and maintenance costs typically associated with traditional flight departments.
Taking advantage of these new ownership options, the strong base of corporate offices and headquarters in the state has generated significant increases in corporate operations by both based and transient aircraft, especially at the larger GA airports. Many major corporations now use general aviation in an effort to avoid air carrier delays and to provide a greater degree of flexibility and security for their executives. Teterboro, in particular, has become a base for corporate aircraft and a hub for transient business aircraft with a significant jump in traffic post-9/11. Significant increases have also taken place at Morristown, Essex County and Monmouth Executive airports.
There has been a ripple effect of this increasing traffic: as a result of the larger airports catering to more executive travel, smaller aircraft (and flight schools) are moving to the region's smaller airports. For instance, a tie-down for a basic single-engine four-place aircraft at Teterboro is now $500 per month, compared with $140 to $150 per month at nearby airports, and under $100 per month at others—a function of distance from the metropolitan core.
The use of smaller GA airports for business and other travel is likely to accelerate as a result of the newest aircraft technology. The Very Light Jet (VLJ or micro-jet) is a potential replacement for older twin engine and turbo prop aircraft which began to disappear from the market in the mid-1980s. This new breed of business aircraft costs 50 percent less than the existing turbine business aircraft, has a ceiling in excess of 40,000 feet, is fuel efficient, and requires significantly less runway. They are quieter than conventional jet aircraft and more of the state’s existing runways will be able to accommodate them compared to existing jet aircraft. The VLJ is being touted as perfect for air taxi service. There are currently 15 manufacturers including Eclipse, Cessna and Piper. Honda is gearing up to produce their own version of the VLJ. The aircraft are just starting to enter the marketplace and many airport owners are still unfamiliar with their operational requirements and how to accommodate them
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OVERVIEW OF THE REGION 'S General Aviation Airports Final Report JUNE 2008(4)
