Boeing (Chicago) has announced that it will adjust the production rate for the 747-8 program from two airplanes to 1.75 airplanes per month because of lower market demand for large passenger and freighter airplanes.

Boeing will continue to monitor market conditions and their effect on production rates moving forward. The company expects long-term average growth in the air cargo market to resume in 2014, and forecasts a demand for 790 large airplanes (such as the 747-8 Intercontinental) to be delivered worldwide over the next 20 years.

Copyright Photo: Nick Dean. Boeing 747-8JK Intercontinental N6067E (msn 38636) climbs away from the runway at Paine Field near Everett.