London, England (CNN) -- A total of $47 billion worth of deals were struck this year at Farnborough Airshow, the event's organizers announced Friday.
The figure, although well below 2008's record-breaking $88.7 billion worth of orders, is seen as a sign of optimism for the recession-hit aviation industry.
"To see over $47 billion dollars worth of business done and the quality of the business transactions at the show is a testament to the endurance of our sectors, their positive contribution to UK and world trade as well as the significance of the show itself," said Ian Godden, chairman of A|D|S, the UK's AeroSpace, Defense and Security trade organization in a media release.
The encouraging news comes after a turbulent financial year for the industry -- last year, orders at France-based Le Bourget gathering, (Farnborough's sister air show) plunged to a meager $7 billion.
This year's Farnborough show, held in Hampshire, south England, also marks an improvement compared to 2006, where $42 billion worth of orders were recorded.
The biennial affair saw the return of air leasing companies in the spotlight, with aviation mogul Steven Udvar-Hazy making a dynamic comeback with his new venture, Air Lease Corporation, striking a series of multibillion deals with Boeing, Airbus and Embraer.
CNN
