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Illustration: Sarah Grillo/Axios

Commercial airlines might be struggling, but small private jets are busier than ever, especially in Florida and other Sunbelt destinations.

The big picture: Untethered to their homes and offices during the pandemic, the wealthy are escaping to vacation homes and ski resorts — and paying handsomely to avoid commercial flights.

  • The private COVID getaways helped offset a collapse in corporate flights over the past year.
  • Now private jet companies are hoping those leisure travelers will be hooked on the convenience even after the pandemic subsides.

Why it matters: Layered on top of a resumption in corporate flights, the leisure boom could mean a big growth spurt ahead for the typically stable private aviation sector.

Driving the news: Investors see plenty of promise in private jet travel, otherwise known as business aviation, and experts predict more consolidation ahead for the fragmented industry. A few examples:

  • Wheels Up, an on-demand service that matches fliers with available aircraft, is going public in a SPAC deal that values the company at $2 billion — more than twice its 2019 value.
  • Vista Global, parent of subscription-based XO jet service, is acquiring Apollo Jets, a leading air charter provider.
  • Aero Technologies, a "semi-private" luxury jet startup from Uber co-founder Garrett Camp, raised $20 million in Series A funding earlier this month. It's offering $1,250 one-way flights from Los Angeles to Aspen and plans to add more routes soon.

Between the lines: Small planes — four to seven passengers — are the busiest, with fourth quarter departures down only about 10% from pre-pandemic levels, according to David Wireman, head of Alix Partners' aviation practice. "That's people flying their families around."

  • Flights on larger jets — the 10- or more seaters used by corporations — are down as much as 26%. Commercial airlines, by comparison, are still seeing passenger traffic 55% below pre-pandemic levels.
  • "We went from being a bit of luxury to now being a utility," Sentient Jet CEO Andrew Collins tells Axios. His company sold $450 million worth of its pre-paid Jet Cards in 2020, 50% more than usual.

The intrigue: It hasn't yet translated into increased deliveries for plane manufacturers, but sales of preowned business jets soared 13% in 2020, notes independent aviation consultant Brian Foley.

What to watch: Innovations like the on-demand apps that have made booking a private flight almost as easy as hailing an Uber will continue, predicts Wireman.

Yes, but: The popularity could be short-lived for those whose wallets stretched in order to book private planes in 2020, counters Foley.

  • "I feel that as soon as the airlines are perceived as safe again, a lot of those people will run back and look for their Economy Plus upgrade."

Go deeper

Tim Scott hopes to reintroduce version of GOP police reform bill

Photo: Stefani Reynolds/Bloomberg via Getty Images

Sen. Tim Scott (R-S.C.) told reporters Wednesday he plans to reintroduce his police reform bill or a similar proposal in the coming weeks, and that he has discussed a potential compromise with Rep. Karen Bass (D-Calif.) and Sen. Cory Booker (D-N.J.).

Why it matters: Eyes have again turned to Washington to take steps to address police reform in the wake of Derek Chauvin's guilty verdict Tuesday, after efforts stalled in Congress last year.

Biden announces small business tax credits for vaccine PTO

Photo: Doug Mills/The New York Times/Bloomberg via Getty Images

President Biden on Wednesday will call on all employers to provide employees paid time off to get vaccinated or to recover from any side effects, and he'll include a paid tax credit for small businesses to do so, administration officials said.

Why it matters: The administration sees places of work as highly influential in making shots more convenient for working adults who are in high-risk industries.

White House unveils plans for high-profile climate summit

Illustration: Aïda Amer/Axios

The Biden administration offered new details this morning about the big, virtual climate summit Thursday and Friday and signaled they expect new emissions reduction and climate finance commitments from multiple countries.

Driving the news: The administration said 40 heads of state would attend, including Russian President Vladimir Putin and President Jair Bolsonaro of Brazil.