The coronavirus is ending a 16-year plane boom for Boeing and Airbus

Boeing and Airbus, which until recently couldn’t make planes fast enough to satisfy airlines, are suddenly contending with the opposite risk: churning out jets with no buyers. Demand for new aircraft is drying up as customers wary of the coronavirus shun air travel, ending the longest boom in aviation history. That 16-year surge began as airlines emerged from another infectious disease crisis, the one related to Severe Acute Respiratory Syndrome, or SARS. Now the new virus points to leaner times. In less than a month, the tumult has clipped about $175b in market value from the US aerospace industry, a critical source of American exports. And the future looks just as grim. Passenger revenues could drop as much as $113b this year if the virus spreads extensively, according to the IATA. "I personally think it will get worse before it gets better,” said Domhnal Slattery, chief executive officer of Avolon, the aircraft leasing company. Boeing and Airbus, which were rolling in cash while airlines went on a $1.15t buying binge stretching back to 2008, are now intently focused on preserving capital and avoiding making “white tails.” That’s the industry term for buyer-less aircraft. Even well heeled carriers such as Delta and United are carefully assessing plans to add new jetliners. The collapse in long-range flying threatens another critical source of cash for Boeing: deliveries of its 787 Dreamliners, which can carry passengers from Sydney to Chicago without refueling.<br/>