NEW YORK (TheStreet) -- Brittany Umar reports shares of Boeing (BA) rising Monday after the company forecast a surge in demand for its planes, tripling the fleet of aircraft in the Asia-Pacific region over 20 years. Boeing said it is ramping its production goals for 2017.
Shares of Boeing are climbing on Monday after the plane manufacturer said it forecasts a surge of air traffic growth in the Asia-Pacific region over the next 20 years.
Boeing forecast the fleet of aircraft in the region would triple over the next two decades, driving demand for an additional more than 12,800 planes valued at $1.9 trillion. Boeing said the fleet would jump to 14,750 in 2032 -- that's up from 5,090 in 2012. Boeing estimates that single-aisle airplanes like Boeing's Next-Generation 737 and 737 Max will make up 69% of the new planes delivered to the Asia-Pacific region, according to Thomson Reuters.
The plane-maker said it is amping up production of these types of planes. It plans to make 42 737 single-aisle jets a month by the middle of this year -- up from 38 a month last year. Boeing plans to produce 47 of the jets a month by 2017.
At last check, shares of Boeing were climbing almost 1% at $128.18.
In New York, I'm Brittany Umar for TheStreet.
-- Written by Brittany Umar in New York.