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                          UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C.  20549
                                
                         ---------------
                                
                                
                            FORM 10-Q



     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                 SECURITIES EXCHANGE ACT OF 1934
          FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997
                                
                                
                         ---------------
                                
                                
                   COMMISSION FILE NO. 1-8461
                                
                                
                         ---------------
                                
                                
                GULFSTREAM AEROSPACE CORPORATION
                         P. O. Box 2206
                       500 Gulfstream Road
                  Savannah, Georgia  31402-2206
                   Telephone:  (912) 965-3000
                State of incorporation:  Delaware
             IRS identification number:  13-3554834
                                
                                
                         ---------------
                                
                                
                                
                                
                                


  Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.  Yes [X]  No [ ]

  As of May 6, 1997, there were 74,075,240 shares of Gulfstream
Aerospace Corporation Common Stock outstanding.
=================================================================
                                
        GULFSTREAM AEROSPACE CORPORATION AND SUBSIDIARIES
                                
                                
                                
                              INDEX
                                
                                
                                
                 PART I.  FINANCIAL INFORMATION
                                
                                

                                                     PAGE
                                                      NO.
                                                     ----

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS:           
                                                     
                                                     

          Consolidated Balance Sheets 
	   March 31, 1997 and December 31, 
	   1996....................................    3
                                                     
          Consolidated Statements of Income       
           Three months ended March 31, 1997              
           and 1996................................    4
                                                       
          Consolidated Statement of Stockholders'      
           Equity 
	   Three months ended March 31, 1997.......    5
                                                       
          Consolidated Statements of Cash Flows        
           Three months ended March 31, 1997 and       
           1996....................................    6
                                                       
          Notes to Consolidated Financial              
           Statements..............................   7-8
                                                       
                                                       
                                                       
ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF      
           FINANCIAL CONDITION AND RESULTS OF          
           OPERATIONS                                9-11


                   PART II.  OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.........................    12
        

ITEM 2. CHANGES IN SECURITIES.....................    12
        

ITEM 3. DEFAULTS UPON SENIOR SECURITIES...........    12
        

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF            
          SECURITY HOLDERS........................    12
        

ITEM 5. OTHER INFORMATION.........................    12
        

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K..........    13
        

        SIGNATURE.................................    13

                                

        GULFSTREAM AEROSPACE CORPORATION AND SUBSIDIARIES
                                
                   CONSOLIDATED BALANCE SHEETS
                (In thousands, except share data)
                           (Unaudited)
                                
                                
<TABLE>
<CAPTION>
                                           MARCH 31,       DECEMBER 31,
					     1997             1996
                                           ---------       -----------
<S>                                        <C>            <C>
ASSETS                                                               
Cash and cash equivalents                   $  200,510     $  233,172
Accounts receivable (less allowance for                              
doubtful accounts:  $1,648 and $3,243)         125,034        137,342
Inventories                                    629,505        655,237
Prepaids and other assets                        9,147          7,915
                                            ----------     ----------
  Total current assets                         964,196      1,033,666
                                                                     
Property and equipment, net                    124,317        126,503
Tooling                                         46,277         47,677
Goodwill, net of accumulated amortization:     
$7,591 and $7,322                               35,530         35,799
Other intangible assets, net                    54,289         55,556
Other assets and deferred charges               13,842         14,014
                                            ----------     ----------
Total Assets                                $1,238,451     $1,313,215
                                            ==========     ==========
                                                                      
LIABILITIES AND STOCKHOLDERS' EQUITY                                  
Current portion of long-term debt           $   38,750     $   20,000
Accounts payable                               127,660        129,410
Accrued liabilities                             90,776        111,243
Customer deposits--current portion             540,047        634,922
                                            ----------     ----------
  Total current liabilities                    797,233        895,575
Long-term debt                                 361,250        380,000
Accrued postretirement benefit cost            110,504        108,705
Customer deposits--long-term                   108,664        109,037
Other long-term liabilities                      8,552          8,709
Commitments and contingencies                                         
Stockholders' equity                                                  
  Common stock; $.01 par value; 300,000,000                           
  shares authorized; 86,013,767 shares                                
  issued in 1997 and 85,890,212 shares                                
  issued in 1996                                   860            859
Additional paid-in capital                     334,192        333,686
Accumulated deficit                           (428,941)      (468,971)
Minimum pension liability                       (1,464)        (1,464)
Unamortized stock plan expense                  (1,910)        (2,432)
Less:  Treasury stock:  11,978,439 shares     
in 1997 and 1996                               (50,489)       (50,489)
                                            ----------     -----------
Total stockholders' equity                    (147,752)      (188,811)
                                            ----------     -----------
Total Liabilities and Stockholders'
   Equity                                   $1,238,451      $1,313,215
                                            ==========     ===========
</TABLE>


        See notes to consolidated financial statements

        GULFSTREAM AEROSPACE CORPORATION AND SUBSIDIARIES
                                
                CONSOLIDATED STATEMENTS OF INCOME
              (In thousands, except per share data)
                           (Unaudited)
                                
                                
                                
<TABLE>
<CAPTION>
                                              THREE MONTHS ENDED
                                                  MARCH 31,
                                             ---------------------
                                               1997        1996
                                             ---------   ---------
<S>                                         <C>          <C>
Net revenues                                $375,626     $215,063
Cost and expenses                           
  Cost of sales                              305,152      168,272
  Selling and administrative                  22,615       22,444
  Stock option compensation expense              522          122
  Research and development                    (1,520)      16,026
  Amortization of intangibles and deferred
    charges                                    1,820        1,882
                                            ---------    --------
    Total costs and expenses                $328,589     $208,746
                                            ---------    --------
      Income from operations                  47,037        6,317
Interest income                                3,123        3,475
Interest expense                              (8,130)      (3,715)
                                            ---------    --------
Income before income taxes                    42,030        6,077
  Provision for income taxes                   2,000            -
                                            ---------    --------
      Net Income                            $ 40,030     $  6,077
                                            =========    ========
                                                                   
Earnings Per Share:
  Net income per share                      $    .51     $    .08
                                            =========    ========
Weighted average common and common
  equivalent shares outstanding               78,557       78,535
                                            =========    ========
</TABLE>

        See notes to consolidated financial statements

                                        
                GULFSTREAM AEROSPACE CORPORATION AND SUBSIDIARIES
                                        
                 CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                                 (In thousands)
                                   (Unaudited)


<TABLE>
<CAPTION>
                              Additional               Minimum   Unamortized                Total
                      Common   Paid-In    Accumulated  Pension   Stock Plan  Treasury   Stockholders'
                      Stock    Capital      Deficit   Liability    Expense     Stock       Equity
                      --------------------------------------------------------------------------------
<S>                   <C>     <C>         <C>         <C>        <C>         <C>        <C>

BALANCE AS OF         
  DECEMBER 31, 1996   $859    $333,686    $(468,971)  $(1,464)   $(2,432)    $(50,489)  $(188,811)
 
Net income                                   40,030                                        40,030
Amortization of stock                                                                                 
 plan expense                                                        522                      522
Exercise of common                                                                                    
 stock options           1         506                                                        507
                      --------------------------------------------------------------------------------

BALANCE AS OF MARCH                                                                                   
 31, 1997             $860    $334,192    $(428,941)  $(1,464)   $(1,910)    $(50,489)  $(147,752)
                      ================================================================================
                                                                                                     
</TABLE>


See notes to consolidated financial statements

        GULFSTREAM AEROSPACE CORPORATION AND SUBSIDIARIES
                                
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                         (In thousands)
                           (Unaudited)
                                
<TABLE>
<CAPTION>
                                            THREE MONTHS ENDED
                                                 MARCH 31,
                                           --------------------
                                             1997        1996
                                           --------    --------
<S>                                        <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                 $ 40,030    $  6,077
Adjustments to reconcile net income to net
 cash provided by operating activities:                        
 Depreciation and amortization		      7,832       6,139
 Postretirement benefit cost                  1,799       1,798
 Provision for loss on pre-owned aircraft                   350
 Non-cash stock option compensation
  expense                                       522         122
 Other, net                                  (1,595)        123
 Change in assets and liabilities:
  Accounts receivable                        13,903       5,009
  Inventories                                25,732     (79,575)
  Prepaids, other assets, and deferred
   charges                                   (1,343)       (176)
  Accounts payable and accrued
   liabilities                              (22,217)        157
  Customer deposits                         (95,248)    112,990
  Other long-term liabilities                  (157)        997
					   --------	-------
NET CASH PROVIDED BY (USED IN) OPERATING
 ACTIVITIES                                 (30,742)     54,011

CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property and equipment      (2,267)     (4,543)
Dispositions of property and equipment                       22
Expenditures for tooling                       (160)       (356)
                                           --------    --------
NET CASH USED IN INVESTING ACTIVITIES        (2,427)     (4,877)

CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds from exercise of stock options         507             
Principal payments on long-term debt                    (13,266)
                                           --------    --------
NET CASH PROVIDED BY (USED IN) FINANCING
 ACTIVITIES                                     507     (13,266)
                                           --------    --------
Increase (decrease) in cash and cash
 equivalents                                (32,662)     35,868
Cash and cash equivalents, beginning of
 period                                     233,172     223,312
                                           --------    --------
Cash and cash equivalents, end of period   $200,510    $259,180
                                           ========    ========
</TABLE>

         See notes to consolidated financial statements

        GULFSTREAM AEROSPACE CORPORATION AND SUBSIDIARIES
                                
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1.   BASIS OF PRESENTATION

   The accompanying unaudited consolidated financial statements
have been prepared by the Company pursuant to the rules of the
Securities and Exchange Commission ("SEC") and, in the opinion of
the Company, include all adjustments, consisting only of normal
recurring adjustments, necessary for a fair presentation of
financial position, results of operations and cash flows.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted
pursuant to SEC rules.  The operating results for the three
months ended March 31, 1997 are not necessarily indicative of the
results to be expected for the full year.  These financial
statements should be read in conjunction with the consolidated
financial statements and notes thereto for the year ended
December 31, 1996 included in the Company's 1996 Annual Report to
Stockholders.

NOTE 2.   NET INCOME PER SHARE

   Net income per share is based on net income divided by the
weighted average number of common and common equivalent shares
outstanding during the period.  Common equivalent shares consist
of the Company's stock issuable upon exercise of common stock
options determined using the treasury stock method.  For the 1996
period, net income per share is calculated based on historical
net income and assuming the Company's initial public offering and
related transactions that occurred during October 1996 and the
issuance of stock options in 1996 had occurred as of the
beginning of the reporting period.

NOTE 3.   INVENTORIES

   Inventories consisted of the following at:

<TABLE>
<CAPTION>
                                         March 31,    December 31,
                                           1997           1996
                                         ---------    ------------
                                               (In thousands)
<S>                                      <C>            <C>
Work in process                          $349,827       $355,198
Raw materials                             101,597        108,041
Vendor progress payments                   89,909        104,318
Pre-owned aircraft                         88,172         87,680
                                         --------       --------
                                         $629,505       $655,237
                                         ========       ========
</TABLE>

NOTE 4.   COMMITMENTS AND CONTINGENCIES

   In the normal course of business, lawsuits, claims and
proceedings have been or may be instituted or asserted against
the Company relating to various matters, including products
liability.  Although the outcome of litigation cannot be
predicted with certainty and some lawsuits, claims or proceedings
may be disposed of unfavorably to the Company, management has
made provision for all known probable losses related to lawsuits
and claims and believes that the disposition of all matters which
are pending or asserted will not have a material adverse effect
on the financial statements of the Company.

        GULFSTREAM AEROSPACE CORPORATION AND SUBSIDIARIES
                                
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 4.   COMMITMENTS AND CONTINGENCIES (CONTINUED)

   The Company is involved in a tax audit by the Internal Revenue
Service covering the years ended December 31, 1991 and 1990.  The
revenue agent's report includes several proposed adjustments
involving the deductibility of certain compensation expense,
items relating to the initial capitalization of the Company, the
allocation of the original purchase price for the acquisition by
the Company of the Gulfstream business, including the treatment
of advance payments with respect to and the cost of aircraft that
were in backlog at the time of the acquisition, and the
amortization of amounts allocated to intangible assets.  The
Company believes that the ultimate resolution of these issues
will not have a material adverse effect on its financial
statements because the financial statements already reflect what
the Company currently believes is the expected loss of benefit
arising from the resolution of these issues.

   The Company is currently engaged in the monitoring and cleanup
of certain ground water at its Savannah facility under the
oversight of the Georgia Department of Natural Resources.
Expenses incurred for cleanup have not been significant.  The
Company received in 1992, at its Long Beach facility, two
inquiries from the U.S. Environmental Protection Agency and, in
1991, at its Oklahoma facility, a soil contamination inquiry.
The Company believes other aspects of the Savannah facility, as
well as other Gulfstream properties, are being carefully
monitored and are in substantial compliance with current federal,
state and local environmental regulations.  The Company believes
the liabilities, if any, that will result from the above
environmental matters will not have a material adverse effect on
its financial statements.

NOTE 5.   NEW ACCOUNTING STANDARD

   In February 1997, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards (SFAS) No.
128, EARNINGS PER SHARE, which will be effective for the
Company's 1997 annual financial statements. SFAS No. 128
simplifies the standards for computing earnings per share (EPS)
information and makes the computation comparable to international
EPS standards.  SFAS No. 128 replaces the presentation of
"primary" (and when required "fully diluted") EPS with a
presentation of "basic" and "diluted" EPS.  Pro forma amounts
under the provisions of SFAS No. 128 for the three months ended
March 31, 1997 and 1996 would have been $0.54 and $0.08 for basic
EPS and $0.51 and $0.08 for diluted EPS, respectively.

NOTE 6.   INCOME TAXES

   The Company recorded a provision for alternative minimum taxes
of approximately $2.0 million for the first quarter of 1997, and
no provision for income taxes for the first quarter of 1996,
principally as a result of the utilization of net operating loss
carryforwards.  The Company had available at March 31, 1997 net
operating loss carryforwards for regular federal income tax
purposes of approximately $188 million, which will begin expiring
in 2006.

                                
              MANAGEMENT'S DISCUSSION AND ANALYSIS
        OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


   The following discussion should be read in conjunction with the
Notes to Consolidated Financial Statements beginning on page 7
and with Management's Discussion and Analysis of Financial
Condition and Results of Operations (MD&A) and the audited
consolidated financial statements and notes to consolidated
financial statements appearing in the Company's 1996 Annual
Report to Stockholders.

COMPARISON OF RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH
31, 1997 AND 1996

   NET REVENUES.  Total net revenues increased by $160.5 million,
or 74.6%, to $375.6 million in the first quarter of 1997 from
$215.1 million in the first quarter of 1996. The significant
increase resulted primarily from the delivery of 11 aircraft,
five Gulfstream IV-SPs and six Gulfstream Vs, as compared with
five aircraft, all Gulfstream IV-SPs, in the first quarter of
1996.  Offsetting this increase was a decrease of $19.1 million
from the sale of pre-owned aircraft resulting from a reduced
number of trade-ins requiring resales.

   COST OF SALES.  Total cost of sales increased $136.9 million, or
81.3%, to $305.2 million in the first quarter of 1997 from $168.3
million in the first quarter of 1996.  The increase was a result
of the higher number of aircraft deliveries discussed above,
partially offset by two fewer pre-owned aircraft deliveries.
Excluding pre-owned aircraft, which generally are sold at break-
even levels, the gross profit percentage for the first quarter of
1997 was 20.0% compared to 25.6% for the first quarter of 1996.
This decline is primarily attributable to higher costs associated
with the early stages of the learning curve on Gulfstream V
aircraft.  The Company expects the margin on the Gulfstream V to
approach that of the Gulfstream IV-SP over the next 24 months.

   SELLING AND ADMINISTRATIVE EXPENSE.  Selling and administrative
expense of $22.6 million in the first quarter of 1997 was
relatively unchanged compared to $22.4 million in the first
quarter of 1996 but as a percentage of net revenues, decreased to
6.0% in the first quarter of 1997 from 10.4% in the first quarter
1996 due to the higher level of revenues.

   RESEARCH AND DEVELOPMENT EXPENSE.  Research and development
expense was $(1.5) million in the first quarter of 1997, as
compared to $16.0 million in the first quarter of 1996.  Research
and development expense for 1997 is net of a $10.0 million credit
for launch assistance funds received from vendors participating
in the development of the Gulfstream V.  Substantially all
research and development expenditures were associated with the
Gulfstream V development program, which was substantially
completed at the end of 1996.

   INTEREST INCOME AND EXPENSE.  Interest income decreased by $0.4
million to $3.1 million in the first quarter of 1997 from $3.5
million in the first quarter of 1996 as a result of lower average
cash balances the Company had invested during 1997 compared to
the same period of 1996.  Interest expense increased by $4.4
million to $8.1 million for the first quarter of 1997.  This
increase was due to the increase in average borrowings resulting
from the Company's new credit facilities.

   PROVISION FOR INCOME TAXES.  The Company recorded a provision
for alternative minimum taxes of approximately $2.0 million for
the first quarter of 1997, and no provision for income taxes for
the first quarter of 1996, principally as a result of the
utilization of net operating loss carryforwards.


LIQUIDITY AND CAPITAL RESOURCES

   The Company's liquidity needs arise from working capital
requirements, capital expenditures, and principal and interest
payments on long-term debt.  During the three months ended March
31, 1997, the Company relied on its available cash balances to
fund these needs.  The Company had cash and cash equivalents
totaling $200.5 million at March 31, 1997 and available
borrowings of $200.0 million under a revolving credit facility.

   During the first quarter of 1997, the Company used $30.7 million
of cash to fund operating activities compared with the first
quarter of 1996 when the Company generated $54.0 million in cash
from operations.  This difference is primarily attributable to
the timing of progress payments on aircraft in backlog for the
comparable accounting periods.  A partially offsetting factor was
the decline in inventories in the first quarter of 1997 as a
result of Gulfstream V deliveries versus the temporary build up
in inventory associated with Gulfstream V production experienced
during the same period in 1996.

   During the first quarter of 1997, additions to property and
equipment were $2.3 million.  As a result of continued strong
demand for its products, and the Company's objective to make
deliveries sooner to its new aircraft customers, Gulfstream
announced, during the fourth quarter of 1996, plans to increase
its annual production rate to approximately 60 aircraft by 1999,
a twofold increase over its 1996 annual production rate.  As a
result, in 1997 and 1998, the Company's capital expenditures are
expected to increase by a total of $25 to $35 million above
previously planned annual levels of approximately $15 million to
meet the requirements of the increased production capacity.  The
Company continually monitors its capital spending in relation to
current and anticipated business needs.  As circumstances
dictate, facilities are added, consolidated or modernized.

   At March 31, 1997, borrowings under the Company's credit
facilities were $400 million. Scheduled repayments under the term
facility are $20.0 million in 1997, $75.0 million in each of the
years 1998 through 2001, and $80.0 million in 2002.  The Credit
Agreement contains customary affirmative and negative covenants
including restrictions on the ability of the Company and its
subsidiaries to pay cash dividends, as well as financial
covenants under which the Company must operate.  At March 31,
1997, the Company was in compliance with the covenants of its
existing credit agreement.

   In connection with orders for 26 Gulfstream V aircraft in the
backlog, the Company has offered customers trade-in options
(which may or may not be exercised) under which the Company will
accept trade-in aircraft, primarily Gulfstream IVs and Gulfstream
IV-SPs, at a guaranteed minimum trade-in price.  In light of the
current market for pre-owned Gulfstream aircraft, management
believes that the fair market value of such aircraft exceeds the
specified trade-in values.  As such, Gulfstream does not believe
the existence of such commitments will have a material adverse
effect on its results of operations, cash flow or financial
position.

   On October 10, 1996, the Company reached an agreement in
principle with the Pension Benefit Guaranty Corporation (the
"PBGC") concerning funding of the Company's defined benefit
pension plans.  Pursuant to this agreement, the Company
contributed an additional $20 million in 1996, $6.3 million in
the first quarter of 1997, and has agreed to contribute a total
of $25 million annually from 1997 through 2000 to its pension
plans, which payments are expected to result in such plans being
fully funded.  The payments to be made under this agreement were
already part of the Company's overall financial planning, and
therefore, are not expected to have a material effect on the
Company's financial statements.

   The Company's principal source of liquidity both on a short-
term and long-term basis is cash flow provided by operations,
including customer progress payments and deposits on new aircraft
orders.  Occasionally, however, the Company may borrow against
the credit agreement to supplement cash flow from operations.
The Company believes that based upon its analysis of its
consolidated financial position, its cash flow during the past 12
months and the expected results of operations in the future,
operating cash flow and available borrowings under the credit
agreement will be adequate to fund operations, capital
expenditures and debt service for at least the next 12 months.
The Company intends to repay its remaining indebtedness primarily
with cash flow from operations.  There can be no assurance,
however, that future industry specific developments or general
economic trends will not adversely affect the Company's
operations or its ability to meet its cash requirements.

CONTRACTUAL BACKLOG

   At March 31, 1997, Gulfstream had a firm contract backlog of
approximately $3.3 billion of revenues, representing a total of
104 aircraft.  The Company includes an order in backlog only if
the Company has entered into a purchase contract (with no
contingencies) with the customer and has received a significant
(generally non-refundable) deposit from the customer.

   The Company continually monitors the condition of its backlog
and believes, based on the nature of its customers and its
historical experience, that there will not be a significant
number of cancellations.  However, to the extent that there is a
lengthy period of time between a customer's aircraft order and
its delivery date, there may be increased uncertainty as to
changes in business and economic conditions which may affect
customer cancellations.

                                
                   PART II.  OTHER INFORMATION
                                
ITEM 1.	LEGAL PROCEEDINGS

	Not Applicable.

ITEM 2.	CHANGES IN SECURITIES

	Not Applicable.

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES

	Not Applicable.

ITEM 4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	No matters were submitted to security holders during the
	quarter ended March 31, 1997.

ITEM 5.	OTHER INFORMATION

	Certain statements contained in this Form 10-Q contain
	"forward-looking" information that involves risk and
	uncertainty, including, but not limited to, statements
	regarding planned future deliveries and expenditures.
	Actual future results and trends may differ materially
	depending on a variety of factors.  For discussion of
	these factors, see Exhibit 99, CAUTIONARY STATEMENT FOR
	PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE
	SECURITIES LITIGATION REFORM ACT OF 1995.

ITEM 6.	EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits

     The following exhibits are filed as part of this report:
	
	Exhibit 11.1	Computation of Earnings per Common
			Share.

	Exhibit 27.1	Financial Data Schedule.

	Exhibit 99.1	Cautionary Statement for Purposes of
			the "Safe Harbor" Provisions of The
			Private Securities Litigation Reform
			Act of 1995.

     (b)  Report on 	No Reports on Form 8-K were filed
	  Form 8-K	during the quarter ended March 31,
			1997.

			 SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.

Dated:  May 8, 1997

			GULFSTREAM AEROSPACE CORPORATION



			    /s/ Chris A. Davis
			--------------------------------
			      Chris A. Davis
			Executive Vice President,
		   Chief Financial Officer and Secretary
		 (Principal Financial and Accounting Officer)


			EXHIBIT INDEX

EXHIBITS

	Exhibit 11.1	Computation of Earnings per Common
			Share.

	Exhibit 27.1	Financial Data Schedule.

	Exhibit 99.1	Cautionary Statement for Purposes of
			the "Safe Harbor" Provisions of the
			Private Securities Litigation Reform
			Act of 1995.