The value of construction industry works in Mexico, one of the largest consumers of steel, registered an increase, year-on-year, of 5.3 percent in November 2022, according to a report today from national statistics agency Inegi.
In the January-November period, the value of works accumulated an increase of 3.5 percent compared to the same period in 2021.
However, the value of construction accumulated 20 consecutive increases in real terms (discounted for inflation); in the accumulated 11 months, the value of 2022 is 17.0 percent lower than 2019 (pre-pandemic) and 23.4 percent below that registered in 2018, which was the last year of the previous six-year government.
The historical record value (in real terms) for a January-November period was in 2007, with which the accumulated figure for 2002 is 33.5 percent lower than that level.
In nominal terms (with inflation), the value of the construction in November 2022 was MXN 49,453 million, an amount that at today's exchange rate is equivalent to $2.75 billion.