The Lonely Jet Set

Two years ago, the biggest status symbol for an executive was a corporate jet. Today, that same executive is probably more likely to send out a press release about flying coach or driving to his destination.

Now, we've got a sense of just how much of a hit this type of transit has fallen. The National Business Travel Association says that corporate jet travel has dropped nearly 25 percent since December.

The Pittsburgh Business Times, part of the BizJournals collection of local publications (which, like Portfolio, is owned by Conde Nast Publications) looked at how some companies are adjusting. U.S. Steel had ordered two new planes to replace a four-plane fleet, but then canceled the order earlier this year. Alcoa, which owns one jet and co-owns three others, asked all of its employees to cut down on travel. The company replaced its annual meeting in Florida with a series of online meetings.

But there are still defenders of the private jet. Mike Vargo, a spokesman for Corporate Air LLC, which is based at the Allegheny County Airport in Pennsylvania, told the Pittsburgh Business Times that private fliers don't deserve the bad rap they're getting.

"Can you imagine an executive that makes $5,000 an hour and 30 percent of commercial airline traffic is delayed," he said.

Right or wrong, executives' time is worth a lot of money, and from that standpoint "it's actually cheaper for them to use private planes," Vargo said.

Vargo seems to missing the point. Right now, it's all about perception. And a public that will be offended by the use of a private plane likely also will get peeved knowing that someone is making 5 grand an hour.

There is one upside to all of this--used private planes are a bargain, with prices in some areas down 30 percent. For more on how companies are trying to sell their old planes, click here.

by J. Jennings Moss