Gulfstream Aerospace announced ambitious plans last month for a $500 million, seven-year expansion project at its Savannah, Ga. headquarters “to ensure that the company is well positioned to meet future demand for business jets and support services.” To facilitate the new development, the aircraft manufacturer entered into a 50-year lease with the Savannah Airport Commission to build additional facilities on 159 acres of airport land. The growth is expected to create 1,000 more Gulfstream jobs, which would bring its total employment in Savannah to approximately 6,500 by 2017.
“With our own sales trends and market forecasts suggesting an upturn over the next decade, we want to ensure Gulfstream is well positioned to meet the demand in terms of products and services,” Gulfstream president Joe Lombardo said during the November 15 announcement. “We are already beginning to see signs of a modest recovery. In the third quarter, we booked more orders than we had in any quarter since the downturn began in mid-2008. Furthermore, as flying hours have increased, Gulfstream service centers have enjoyed a significant increase in service volume. This expansion is necessary to meet the projected increase for new business jet aircraft and the maintenance that will follow.”
