The business jet market continued to show strength despite supply chain issues and global economic concerns in the third quarter, according to Global Jet Capital’s latest "Business Aviation Market Brief." 

A healthy labor market and growth in the service sector blunted the effects of inflation and rising interest rates during the quarter, according to the report. Meanwhile, Global Jet Capital said flight operations topped year-ago levels fueled in part by new business aviation users and those returning to the market.

In addition, OEMs saw backlogs rise to $43.5 billion in the three-month period, which was 38 percent higher year-over-year. Transaction volume did slow in the quarter when compared with third-quarter 2021, the report noted, and inventory levels increased slightly during the same period but remain below historic levels.

Despite the higher inventory, business jet bluebook values rose in the third quarter, climbing an average of 36.8 percent compared with the same period last year. Transactions of used business jets totaled $10.5 billion from July through September, up from $9.1 billion in the third quarter of 2021.