Farnborough 2024 – Gold braid (and good for business)

opinion

by Mike Stones

August 12, 2024

Farnborough Airshow last month was a haberdasher’s delight. Gold braid, adorning military uniforms, was everywhere. Golden epaulets, wings and aiguillettes (the gilded chord worn around the shoulder) seemed more in evidence this year. But the gold linked to Farnborough Airport is not confined to military uniforms at its airshow, judging by a new study from independent research group CBI Economics.

Business flights from Farnborough Airport, generate $2.45bn (£1.9bn) of gross value added (GVA) to the UK economy every year, according to the CBI researchers. Up to 80% of the flights from the airport supporting UK business and inward investment either directly or indirectly. It characterised flights from the airport as having a high economic impact and being “time-sensitive in nature and essential in purpose”.

Commenting on the research Louise Hellem, chief economist, CBI Economics said: “It is striking the impact that the business aviation sector has on the UK economy, in particular the economic opportunity it creates and the importance of the sector in driving UK competitiveness and growth.”

Simon Geere, CEO, Farnborough Airport thought the research validated the airport’s long-standing contribution to both the national and local economies. “These latest findings from CBI Economics support what we have been saying for some time, that the role of business aviation in driving inward investment and creating economic opportunity within the UK is both significant and demonstrable,” he said.

It’s not just the national economy, which benefits from the business airport. Local employment opportunities generated by the facility, about 50 miles south west of London, were said to total the equivalent of 23,000 full-time employee (FTE) jobs. Geere also makes a claim for the airport’s environmental sustainability. “With Farnborough Airport serving smaller-lighter aircraft, our environmental footprint is a fraction of that of a traditional commercial passenger airport, yet our economic output relative to our size is completely unsurpassed,” he said.

These will prove handy arguments for the airfield, following its planning application last year to Rushmoor Borough Council to increase annual flights from 50,000 to 70,000. Growth, which it argues, will further benefit both the national and local environment – despite some local opposition to the expansion.

Meanwhile, back at the airshow, this year’s numbers showed significant growth compared with the previous event in 2022. The show last month attracted 33% more visitors (numbering over 100,000) and recorded a 57% increase on delegation attendance and more than $105.8bn in commercial deals announced during the five days. Events in Geneva (EBACE 2024) and Las Vegas (NBAA Business Aviation Convention & Exhibition – NBAA-BACE) must generate similar benefits.

Sadly, sales of gold braid are not recorded at any of these events.