The value of works in the construction industry in Mexico, one of the largest consumers of steel, registered a real increase, year-over-year, of 13.3 percent in December 2022. It is the 21st consecutive annual increase, according to the SteelOrbis analysis to data released today by national statistics agency Inegi.
In all of 2022, the value of the construction industry grew 5.1 percent, in real terms (discounting inflation) compared to 2021. It is the first increase after that registered in 2012, when it grew 3.4 percent.
Although 21 increases accumulated in December 2022, the level for all of 2022 is 22.0 percent below the level of 2018, the last year of the previous presidential term.
That lag meant unemployment for around 54,800 workers in the construction industry. In 2018, the industry employed 525,386 workers and in 2022, 470,560 people.
In nominal terms (with inflation), the value of the construction in December 2022 was MXN 53.406 million, an amount that at today's exchange rate is equivalent to $2.82 billion.